Soaring gasoline prices, coupled with rising international oil prices, have been financially devastating for households around the world, who have to spend more and more of their disposable income on energy bills. U.S. gasoline prices have hit record highs frequently this year, overwhelming motorists. The latest data from the American Automobile Association (AAA) showed that U.S. gasoline prices hit a new high on Monday, with the average retail price reaching $4.619 a gallon. That level is up from $4.178 a gallon a month ago and about 52% higher than a year ago. And at nine gas stations in California, the price of regular gasoline is already higher than the federal minimum wage. Because of excise taxes, sales taxes, and higher refining standards, California has the highest gasoline prices in the nation. Several gas stations in downtown Los Angeles and San Francisco already exceed the federal minimum wage ($7.25), said Patrick De Haan, director of petroleum analysis at travel and navigation app GasBuddy. Gas prices at a Los Angeles gas station are now as high as $7.83. Ed Ya , president of Yardeni Research .
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