Gas Price Increases May Be On The Horizon

The worst may not yet be over for Southern California gas prices, as West Coast wholesale prices rose sharply today in response to record low gasoline inventories and continued refinery issues, according to the Automobile Club of Southern California’s Weekend Gas Watch.
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.233 per gallon, which is 3.7 cents more than last week, 5 cents lower than last month, and 4 cents lower than last year. In San Diego, the price is $4.221, 3.5 cents above last week, 5 cents below last month, and 3 cents lower than last year. On the Central Coast, the average price is $4.253, up 2 cents from last week, 7 cents lower than a month ago, and 6 cents below last year. In the Inland Empire, the average per gallon price is $4.202, up 3.7 cents from last week, 7 cents lower than last month, and 5 cents less than last year.
“We received information today from Oil Price Information Service that West Coast spot markets, where wholesale gasoline is sold, experienced a sharp price increase in the last four days,” said Auto Club spokesperson Jeffrey Spring. “California gas inventories are reportedly at their lowest level since 1992. Also, BP’s Cherry Point refinery in Washington, which had a major fire in February and supplies some of California’s gasoline, reportedly is having problems restarting operations.”
The Weekend Gas Watch monitors the average price of gasoline. As of 10 a.m. on May 10, averages are:
Record Price
Los Angeles – Long Beach
     +3.7 cents
 $4.626 (6/21/08)
Orange County
     +4.0 cents
 $4.598 (6/19/08)
San Diego
     +3.5 cents
 $4.630 (6/19/08)
Santa Barbara – Santa Maria – Lompoc
     +2.0 cents
 $4.709 (6/21/08)
Riverside – San  Bernardino
     +3.7 cents
 $4.614 (6/22/08)
      +0.9 cents
 $4.591 (6/24/08)
      +3.6 cents
 $4.625 (6/18/08)

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