Why global oil shocks raise local prices

The U.S. and Israel’s war in Iran is leading to a global surge in gas prices, including in California, where the average is now $5.88 per gallon according to AAA. While the war with Iran is the main reason prices have increased, California has had more expensive gas for years, in part to policies that are meant to help the state reach its climate goals. Alejandro Lazo with CalMatters explains why gas is so expensive here.

Links:

• California passed a law to curb spikes in gas prices. Why isn’t it using those powers now?

• Some California Democrats pitch gas price relief as prices at the pump soar

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