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Gas prices are climbing at their fastest rate this year, with the average price of a gallon in LA County spiking nearly 20 cents in just 48 hours.

The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties topped $6 for the first time since mid-October.

Revived energy sector help any of this in this country? >> yes, there's a lot of capacity there were just not using. we can get a lot of energy without a lot of flavor. it's that simple. but importantly this president is against the energy sector and we continue to have refinery problems. we have a lot of problems in terms of refining oil that we have. but producing more oil over federal lands would help a great deal. jon: peter morici, always great to get your expertise on this. thank you. >> take care. jon: ukraine under more attacks from russia on this new year's day. we are on the ground i...

Problems here all the time. so maybe everywhere necessary the country, except chicago, will see gasoline prices below $2 a gallon before christmas. >> that's amazing. also, california, though. they've still got gas that's above three bucks a barrel. >> they have had some major refinery problems out there the supply is very limited and they have incredibly high taxes which keeps them above the national average. >> i meant a gallon, not a barrel. i'm thinking about my big suv, going to take barrels to fill it. >> you're not alone. everybody else is buying them, too. they love the prices. >> you'...

Price in gas prices. don't see that as an issue? >> not right now. when you have a refinery outage, there's a thing called rockets and feathers. immediately prices shoot up at the pump but come down slower. one of the main reasons for that is because refiners can't pass on the costs or the retailers can't pass on the cost fast enough and lose money when prices spike,so so when prices come down, they come down lear as the retailers try to make up the money they lost. it doesn't sound fair but that's the way it works. >> you make me want to boy a new suv. seems like -- you think that gas prices ...