Gas Prices Jump 10 Cents In 2 Minutes During ABC News Segment On Rising Fuel Prices (VIDEO)

Even with gas prices on the rise, it's rare Americans get to see them spike right before their very eyes.

But that's exactly what happened Wednesday during ABC News’ World News with Diane Sawyer. Over the course of a two-minute story on rising fuel prices, a sign at a gas station in downtown Los Angeles provided an unexpected kicker that most correspondents could only dream of. As if to prove the story's point beyond a doubt, the sign showed prices rise from $4.99 to $5.09, all during the short time that the reporter, Cecilia Vega, was on the air.

“It went up 10 cents?” host Diane Sawyer asked in disbelief.

At least the on-the-air price hike was relatively benign, unlike an incident that took place during another recent report on high gas prices in Florida. During that broadcast two cars crashed behind correspondent Adrienne Pedersen who later quipped the drivers were stunned "by the gas prices."

The cost to fill up at the pump has been skyrocketing across the country; in certain places such as Los Angeles -- where the ABC spot was filmed -- the cost of a gallon has exceeded $5. Nationwide, gas prices have surged 10 percent in the last two months, reaching an average of $3.53 per gallon last week, the highest levels on record for this time of year.

Experts say the reason for the surge in prices isn't due to any one circumstance and is instead the result of a combination of factors -- the most grave of which may be continuing tension between Iran and Israel. Iran produces 2.2 million barrels of oil a day, and rumors of threats from neighboring Israel over the former's nuclear program may be driving gas prices up by over 30 cents to the gallon, according to CNNMoney.

Other reasons may include small supply disruptions across the country. One such disruption at a BP plant in Washington has caused gas prices in the state to jump 21 cents over the past month.

And President Obama wants Americans to know that it isn't his fault they're paying more at the pump. In response to the recent spike in gas prices, Obama touted strides he's made in energy over his term and outlined a new energy strategy during a speech at the University of Miami on Thursday.

What are you paying at the pump? We want pictures of your receipts and the gas price signs you're seeing in your hometown. Send them to us at [e-mail].

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Comments

[karim banned]

03:52 PM on 02/27/2012

Iran had warned that boycotting Iranian oil will drive up the price and West was shooting itself in the foot.

But US congress went ahead with a 100-0 vote in Senate to put tougher sanctions on Iran.

I guess Iran was right!

[karim banned]

02:36 PM on 02/26/2012

There is a Farsi proverb that goes something like this.

"Ah" is the answer to "Oh". Basically it means the answer to disrespect is disrespect.
In case of oil embargo the answer is oil embargo. West either should learn to respect other countries' sovereignty or live isolated with high oil prices.

"Iran refuses to deliver 500k-barrel oil shipment to Greece"

http://www.presstv.ir/detail/228732.html

[kamact]

03:27 AM on 02/25/2012

Speculators taking your money again,...and again enabled by the government,...

[Aussieposter]

01:49 AM on 02/25/2012

If you are paying $6.00 a gallon now for regular fuel. Should oil production be disrupted by an Israeli attack on Iran, $10.00 a gallon is not an unreasonable expectation. That will send Europe into depression followed by the U.S.

If you think life is tough with 8% unemployment think 20%.

[Seawolf56]

09:00 PM on 02/24/2012

I wonder if there were no threats against Iran from Israel if this would be the same issue.. Sad how one little state can cause so much missery through out the world

[leftbehinddemo]

07:36 PM on 02/24/2012

Drive the speed limit and then complain.Where are the leaders.No one is acting against spectulators.Where is the 55mph speed limit?Washington would rather spend money on the military to protect the flow of terrorist oil then invest in home grown ethanol and bio diesel. Obama is to busy flying a fuel sucking 747 and begging for super pac money to feel the pain of the democrat voter base.His high energy price policy leads to food inflation. Bottom line is the rich are getting richer and the poor poorer.

[JohnTheMac]

07:21 PM on 02/24/2012

Time for another Cash For Clunkers program!
There are a lot more high MPG vehicles around since the last one.

[JumpStreet1983]

03:12 PM on 02/27/2012

Exactly! Thankfully, it seems the green movement is pushing for all newer cars to at least be 40+ miles per gallon.

[JohnTheMac]

03:39 PM on 02/27/2012

Between the Green Movement and the green ($$$$) movement, everyone wants a more efficient car!

[Kenz300]

06:08 PM on 02/24/2012

In 2008 when oil prices spiked people were parking their gas guzzling pickup trucks and SUV's and were looking for high mileage vehicles at all the foreign car dealers. GM, Ford and Chrysler had few small, high mileage vehicles to offer.

Today every auto manufacturer offers a +40 MPG vehicle. We have electric and hybrid vehicles to choose from. Honda even offers a vehicle that runs on CNG.

+40 MPG is better than 18 MPG. Fuel efficiency will become a bigger part of our auto buying decision as gas prices continue to rise. The auto makers are responding with high mileage vehicles. High gas prices will convince more consumers to think fuel efficiency.

[Kenz300]

06:02 PM on 02/24/2012

Republicans support the oil companies and their windfall profits when oil prices spike.

Republicans want to defund mass transit and bicycle paths. They do not want you to have any options other than your gas guzzler.

Republicans want to defund any alternative energy. Second generation ethanol made from algae, cellulose or waste can add to the fuel supply but Republicans are against any competition for oil companies.

They complain about ethanol but 10% of all gas sold has ethanol in it. What would the price of a gallon of gas be if we used all oil? That would drive the price of oil up even higher.

[shankapotomus]

09:28 AM on 02/25/2012

And Obama wants you paying $8 a gallon gas.

[rp2par]

09:35 AM on 02/25/2012

...while buying a foreign made car.

[Kenz300]

05:54 PM on 02/24/2012

It is time to end the oil monopoly at the pump.

Bring on the electric, flex-fuel, hybrid, CNG, LNG and hydrogen fueled vehicles. We need some competition for transportation fuels.

Second generation ethanol can now be made from algae, cellulose and waste. Every landfill can now produce biofuels, energy (methane) and raw materials for new products. This can provide local fuel, jobs and help reduce landfill costs.

[Mister Grumpy]

04:17 PM on 02/24/2012

News stories about $5 gas started circulating the internet more than four months ago. But remember, there is no conspiracy. Its mear coincidence that every gasoline filling station in town is selling it within 1¢ of each other. You believe that right?

[StopMakingSense2]

02:05 PM on 02/24/2012

Just wait till the world economy picks back up! We can't drill our way out of this!

[Kenz300]

05:56 PM on 02/24/2012

We need alternatives to oil for transportation fuel. The oil companies and the oil producers have us backed into an energy corner and they like it. When oil prices spike they make windfall profits.

Second generation biofuels made from algae, cellulose and waste can help reduce the price at the pump.

[rysagr]

01:17 PM on 02/24/2012

obama one and done.

[StopMakingSense2]

02:00 PM on 02/24/2012

Wanna bet? With the clowns the republicans are offering up! After the Bush years! evidently you don't tire of being wrong! Keep the good work up! ROFL!

[rysagr]

02:14 PM on 02/24/2012

5 dollar gas? yeah maybe obama can make that a bumper sticker

[shankapotomus]

09:29 AM on 02/25/2012

Tell me what was wrong with the Bush years, things were great until the democrats housing bubble hit us.

[Laziza]

01:04 PM on 02/24/2012

Inflation, anyone?

[Vegasyankee]

12:48 PM on 02/24/2012

Awesome!!