California hits new record for high gas prices
Prices at pump the highest since 2008; average is now $4.614 per gallon
There was a great hue and cry at the corner gas station throughout the Golden State as gas prices hit a new record this past weekend -- an all-time average high of $4.6140 per gallon. The news gets even direr as prices are only expected to climb in the next couple days, according to the Automobile Club of Southern California.
Coupled with a refinery power outage and a pipeline incident last week, gasoline wholesale markets into a free fall about the adequacy of California fuel supplies.
Things have gotten so bad in California, prices have leapfrogged over Hawaii's. The national average for a gallon of remains$3.81 per gallon.
"This is ridiculous," Edgar Marutyan, one exasperated taxi driver exclaims. "I don't know how long we can go like this."
"Five dollar gas prices -- now six -- are very unreasonable," another commuter said.
The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest single-day increase last Friday. Gas skyrocketed up 19.2 cents to $4.539, its highest amount since July 12, 2008.
That's a startling 40.3 cents more than a week ago, 36.4 cents higher than a month ago and 71.5 cents greater than at this time last year, according to figures from the AAA and Oil Price Information Service.
The record price in LA County is $4.626, set on June 21, 2008, a record set by a fraction of a penny, according to AAA spokesman Michael Green. The previous high was $4.6096 on June 19, 2008.
In Orange County, the average price also recorded its largest single-day increase Friday, rising 19.5 cents to $4.525, its highest amount since July 9, 2008. That's 41.4 cents more than one week ago, 37 cents higher than one month ago and 73.8 cents greater than one year ago.
The record price in Orange County is $4.598, set on June 19, 2008.
Jeffrey Spring of the Automobile Club of Southern California said that local refineries were dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline.
Coupled with a refinery power outage and a pipeline incident last week, gasoline wholesale markets into a free fall about the adequacy of California fuel supplies.
It's not clear how much higher prices will go, he said.
"A lot depends on whether the perceived supply issues are quickly addressed," Spring said.
© 2012, Distributed by NEWS CONSORTIUM.
- - -
Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: California, gas prices, supply and demand, refineries
NEWSLETTERS »
Rate This Article
Leave a Comment
More Business & Economics News
- BAILOUT: Treasury, UAW health care trust will sell 50 million shares of GM stock at a $10 BILLION loss
- Great Recession took its toll: Americans missing their wealth
- Mom making more than dad in one in four U.S. homes
- Web developer: Earn $60,000 a year - without college degree or debt
- China, India, Brazil could dominate global investment by 2030
- Unemployment in U.S. comes roaring back - in a big way
- Criminally unfair? Why disgraced Enron CEO Skilling could see freedom sooner than you think
- Berkshire Hathaway Inc. hits first quarter record profit at 51 percent
- China and Japan now hold record amounts of Obama debt
Featured News
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Disclaimer: The columns, articles, advertisers claims and any other features provided on Catholic Online Business & Economics are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Catholic Online and there is no implied endorsement by Catholic Online of any advice or trading strategy.
Most Popular
No-one Can Change the Truth About Fatherhood. Love Your Father. Be a Good Father Read More
Fall of the Wall of Silence: More on Pope Francis and Reports of a 'Gay Lobby' in the Roman Curia Read More
Courageous Cardinal George of Chicago Defends Marriage, Calls for Public Conversion Read More
Pope Francis Refers to 'gay lobby' inside Vatican Read More
Why Catholics Have Failed Our Culture: The Bottom Line Read More
Daily Readings
Reading 1, Second Corinthians 9:6-11
But remember: anyone who sows sparsely will reap sparsely as ... Read More
Psalm, Psalms 112:1-2, 3-4, 9
Alleluia! How blessed is anyone who fears Yahweh, who delights ... Read More
Gospel, Matthew 6:1-6, 16-18
'Be careful not to parade your uprightness in public to attract ... Read More
Saint of the Day
St. Romuald
June 19: St. Romuald was born at Ravenna about the year 956. In spite ... Read More
Latest Videos
Vatican Museum, Rome - Ceiling and Wall Artwork View Video
Flooding prevents pilgrims from reaching Catholic shrine View Video
Credo Series - Episode 7 View Video
Credo Series - Episode 8 View Video
About 200 people evacuated from the Lourdes Shrine, as floods hit Southern France View Video
Marketplace
The Divine Life of the Most Holy Virgin
Shorter and faster reading than our other abridgement, this book just ... Read More
Olive Wood Medium Cord Rosary
High quality manufacturing shows in the material and workmanship of ... Read More




Print















0 Comments