Las Vegas Sun

November 9, 2009

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LV gas prices jump 21 cents

Wednesday, March 31, 1999 | 11:24 a.m.

Self-serve regular unleaded averages $1.32 in Las Vegas -- the same as in January 1998.

Gas prices on the West Coast are more prone to fluctuations than in other areas because of its isolation from major gas and oil producing regions east of the Rocky Mountains, said AAA Nevada spokesman Paul Moreno.

Much of the gasoline imported into California travels from the Gulf of Mexico through the Panama Canal, he said.

"Turmoil at California refineries caused an immediate market reaction," Moreno said Tuesday.

"Unfortunately, consumers are paying the price for market speculation," he said.

The sudden increase comes on the heels of an eight-year low recorded in Nevada in February of $1.09.

Crude oil prices have been on the rise internationally after hovering near 12-year low in December, Moreno said.

Last week, the Ministers of the Organization of Petroleum Exporting Countries agreed to reduce production to try to bolster the price.

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