Calif. gas prices equal all-time high

by
October 7, 2012

By Gillian Flaccus-Associated Press

LOS ANGELES (AP) — The price of gasoline equaled the all-time average high in California of $4.61 a gallon Saturday, fueled by a reduced supply and a volatile market.

Prices throughout the state were expected to increase for several more days before leveling off, after a temporary reduction in supply triggered a price spike that saw fuming motorists paying $5 or more per gallon in some locations and station owners shutting down pumps in others.

AAA’s Daily Fuel Gauge report released Saturday said the average price for a gallon of regular unleaded across California rose 12 cents from its Friday mark of about $4.49.

Saturday’s price, the highest in the nation, equaled the record average high for California set in June 2008 of $4.61.

The Golden State leapfrogged Hawaii as the state with the most expensive fuel. The average price for a gallon of regular unleaded across California was 47 cents more than a week ago, according to the AAA report.

The national average Saturday was about $3.81 a gallon, the highest ever for this time of year. However, gas prices in many other states have started decreasing, which is typical for October.

The dramatic surge came because of a power outage Monday at a Southern California refinery reduced supply in an already fragile and volatile market, analysts said, but the refinery came back online Friday and prices were expected to stabilize by next week.

To read more, visit:  http://www.washingtontimes.com/news/2012/oct/6/calif-gas-prices-equal-all-time-high/

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