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February gas prices highest ever for that month

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    What's behind the rise in costs?

  • Duration 3:35
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-- certainly affects all of us gas prices are just.

Going up big time a record month for February we're seeing the highest prices ever.

For the month of February with the national average for a gallon of regular now at three dollars and 77 cents is more than forty cents higher.

And -- a month ago you're not imagining things the -- -- the cup especially bad in Southern California where the average for a gallon of regular gas.

Rent a whopping four dollars and 31 cents.

I gallon that's up nearly sixty cents from a month ago.

And that's the second highest single month job ever recorded there.

Phil Flynn as a senior market analyst at the price -- group but -- Fox Business news contributor bottom line though all those numbers tell us.

Gas prices are high why are they high.

Well there so many reasons you know especially you mentioned California California courts have that huge refinery fire.

Earlier this year it forced a lot of those other refiners to pick up the slack.

And not the one domain and it's early now they can't stay out of maintenance forever so they went -- to maintenance.

-- and -- tightness of supply.

And I'll tell you -- around the country we've had -- -- re finding issues that a -- the price of gasoline to go up whether it be the East Coast because of the hurricane.

You know build the midwest because of the big.

Crude unit going down or even on the West Coast refining issues -- number one number two what's the price of crude.

You know China consumed more -- than they ever did in the month of January that helped drive up the cost of crude oil.

And -- crude oil prices go way up gasoline price has always follow.

It's this is the prices that we're seeing in February what is what is this summer driving season and look like.

You know this was a disaster but I don't think it's going to be as bad as people fear a lot of the issues -- -- prices -- May actually help us when the summer driving season comes along.

A lot of the maintenance -- we normally do in April in in May there or is actually getting down a little bit early.

And right now that we players have the very delicate balance as to how much winter blend of gasoline they should.

Produce vs some of what they really have to drive down that -- supply and keep prices up that you were very vulnerable just price spikes.

But the good news is because we started this early.

When the summer driving season does come along that we should be very well -- and that should keep the cap on their traditional run up you normally see in April when matches.

Real quick -- felt we've had the payroll tax cut expire so most folks are getting -- and their paychecks we're seeing gas prices go up.

And then we had this sequestration and lurking if you bought into this to -- just overall your thoughts on the economy where the American consumer is that what I mean what if this is this all bad news for the year has.

I think after well I'll say what if prices don't -- 58% of all Americans basically came out and -- when it comes to gasoline prices.

That's the main thing that's -- make them feel good or bad about the economy.

With prices being up that is bad right now.

I think when it comes to see that sequestration.

The uncertainty about the economy.

That is gonna definitely hurt the market right now but I will tell you that.

Ben Bernanke's -- in the -- Ben Bernanke has been a major factor in the run up in gasoline prices.

His comments could make or break.

The cost of gasoline five or ten cents a gallon we'll have to see what he -- about the value of the dollar.

Because -- -- value of the dollar that really determines how much gasoline really possible that gives us some little authority tomorrow felt maybe we'll keep our fingers are estimated that the prices go lower.

Great to see it as always thank you --

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