“Just as the recovery is finally looking real” Ha! Ha! Ha!

Maybe the latest manipulation will bring the price down - for a while?

In the meantime Brent crude has reached an 8 month high.

$5 Gasoline in Los Angeles

The average cost for regular gasoline in California has climbed past $4 a gallon, with prospects for even higher prices ahead. The recent dramatic increases nationally and statewide could hurt consumers and, in turn, the broader economy.

LA Times,

20 Febraury, 2012

Just as the recovery is finally looking real, surging fuel prices are once again looming as a major threat to the financial health of U.S. consumers and the broader economy.

The price surge has been particularly steep in California, in part because of maintenance at some refineries that make the state's cleaner-burning gasoline. Statewide, average pump prices for regular gasoline crossed the $4 mark over the weekend and reached an average of $4.031 a gallon Monday, up 5% in just the last week and nearly 9% higher than a month ago.

"It doesn't bode well for the consumer," said Jeff Spring of the Automobile Club of Southern California. "By April or May you might see some isolated instances where you're seeing $5" gas per gallon.

That could potentially sting President Obama's reelection efforts as well — with Republican primary hopefuls already blaming the Democratic incumbent for higher prices at the pump.

Oil prices have crept higher in recent weeks amid a brighter outlook for the U.S. economy and heightened tensions over Iran's nuclear program. And Monday, crude futures jumped to a nine-month high after Iran said it had halted some oil shipments, raising the specter of even higher prices and tighter supplies ahead, especially for Europe.

For article GO HERE