Lucas Davis, Faculty Affiliate, addresses the sudden increase in gas prices on the Daily Californian.
“Lucas Davis, a campus business professor, said the spike in gas prices is caused by an increase in crude oil prices. He noted crude oil is currently priced at $115 a barrel, the highest since 2014. ‘California has the highest gas prices in the country because of its environmentally friendly gasoline — which makes it more expensive — and high state taxes,’ Davis said. ‘California state taxes make gasoline more expensive.’ Davis added the ongoing Russian invasion of Ukraine is causing this increase in gas prices.”