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Well, we're back to gas prices again on the John and Ken show. And of course, they continue to go up here in the state of California to the point where there has never been a bigger gap between this state and all the other states in the nation.

We were talking last hour that we're about double the price of a gallon of gas in Florida, which was, of course, hit by that terrible hurricane.

Yeah, gas prices in the state, 641 a gallon, higher in Los Angeles, 96 cent increase in two weeks.

In Florida, it's $3.23 cheaper per gallon.

You take a 20-gallon tank, it costs you in California, $60 more a tank than Florida.

This has really gotten stupid now.

Let's get Severn Bornstein on.

He's an energy economist at UC Berkeley.

He's been on with us before, and he's going to explain all this, or we won't let him

leave. Severn, welcome again to the show. How are you? Good. How are you? I'm all right.

Okay. Well, I mean, you've studied gas prices for many years. Have you ever seen anything like this?

No, this was a very unusual price spike, or has been. It's not over yet, but it does look like it's starting to come to an end. The wholesale market, the spot price for gasoline, has dropped a bit Monday and Tuesday, and then today it just plummeted, so it's down more than a dollar a gallon. That doesn't mean anything to people who are

at the pump today because the price is going to take a while to filter through. We probably

will start to see the price fall in the next few days. My guess is it will be down 50 cents a gallon

by the end of next week. That's still very expensive. But by the end of October,

I think we will be back to our normal relationship to the rest of the country, which is with

prices about $1.20 higher than the rest of the country, the average of the rest of the country.

What's going on? I have friends in New Jersey sending me photos of the gas prices there.

And it's 306 at one pump.

It's 320 at another pump.

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