Party's Over: Gas Prices Expected To Jump 30 Cents By Friday

Bad news travels fast by Damian Gadal
Photo copyright Damian Gadal https://www.flickr.com/photos/23024164@N06/ http://creativecommons.org/licenses/by/4.0/  

Just as local gas prices reached their lowest levels since 2009, the gasoline futures market and some distribution chain problems for the incoming summer blend are expected to spike prices 30 cents by Friday, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $2.306 a gallon for regular today, 5.7 cents less than last Thursday.

 

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.361 per gallon, which is 11 cents lower than last week, 47 cents less than last month, and 80 cents lower than last year. In San Diego, the average price is $2.34, which is 13 cents less than last week, 45 cents lower than last month, and 79 cents less than this time last year. On the Central Coast, the average price is $2.329, 8.8 cents less than last week, 43 cents lower than a month ago, and 80 cents less than last year. In the Inland Empire, the average per-gallon price is $2.322, 11.6 cents lower than last week, 48 cents less than last month, and 79 cents less than last year.

 

“Pump prices in coming days will be affected by the summer blend of fuel, although that blend is not even being sold yet,” said Auto Club spokesman Jeffrey Spring. “Los Angeles fuel wholesale prices jumped 51 cents on Wednesday, mainly because of futures investments for March gasoline. Also, refineries are having distribution problems with the summer blend of gasoline, which needs to be in gas pumps by April 1.”

 

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Feb. 25, averages are: 

 

Area

Regular

One-week

change

Record Price

Los Angeles – Long Beach

$2.361

-11.0 cents

  $4.705 (10/9/12)

 

 

 

 

Orange County

$2.346

-12.4 cents

  $4.690 (10/8/12)

 

 

 

 

San Diego

$2.340

-13.0 cents

  $4.725 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria –

Lompoc

$2.329

-8.8 cents

  $4.709 (6/21/08)

 

 

 

 

Riverside – San Bernardino

$2.322

-11.6 cents

  $4.688 (10/8/12)

 

 

 

 

Ventura

$2.328

-13.1 cents

  $4.689 (10/7/12)

 

 

 

 

Bakersfield

$2.250

-7.2 cents

 $4.648 (10/9/12)