Economic Gotterdamerung: Gas hits $5 a gallon on both coasts over the weekend, food prices heading up too

The national average his hit $3.51, but in both Florida and California, gas has hit the grim milestone of $5 a gallon. It’s $4.99 9/10 in LA and as high as $5.29 in Florida.

Yet Obama’s production-cutting permitorium remains in place. When you cut supply while demand remains unchanged, prices go up.

Also not helping: Ethanol production is driving world food prices higher and higher. We’re converting our food-growing land into fuel-growing land, driving food prices up while doing next to nothing to alleviate fuel prices.