Reported Major Refinery Shortfalls Create All-Time Record Jump In SoCal Gas Prices

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/  

Southern California gas prices jumped by an all-time record amount over the past week as three of the state’s major oil companies reportedly are covering production shortfalls by buying gasoline from other sources on the wholesale market, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.532 a gallon for regular today, 33.8 cents more than last week.

 

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.643 per gallon, which is 38.1 cents more than last week, 39 cents more than last month, and 68 cents lower than last year. In San Diego, the average price is $3.578, which is 35.3 cents more than last week, 34 cents higher than last month, and 71 cents lower than last year. On the Central Coast, the average price is $3.563, 33.5 cents more than last week, 34 cents higher than a month ago, and 76 cents less than last year. In the Inland Empire, the average per-gallon price is $3.551, up 34.6 cents from last week, 33 cents more than last month, and 74 cents less than last year.

 

“This one-week price spike is bigger than any other one in Southern California, even the incident in October 2012 when the oil companies did not produce enough summer blend gasoline to last until the end of the switchover to winter blend gasoline,” said Auto Club spokesman Jeffrey Spring. “Prices have spiked by at least 10 percent in most Southern California cities. According to Platts, an oil industry publication, three oil companies are buying ‘spot’ market gasoline in Southern California because of refinery shortfalls, and Chevron’s El Segundo refinery is going offline starting tomorrow for maintenance.”

 

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on April 30, averages are: 

 

Area

  Regular  

  One-week  

change  

 Record Price

Los Angeles – Long Beach

$3.643

   +38.1 cents   

  $4.705 (10/9/12)

 

 

 

 

Orange County

$3.634

+37.9 cents

 $4.690 (10/8/12)

 

 

 

 

San Diego

$3.578

   +35.3 cents

 $4.725 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria – Lompoc

$3.563

 +33.5 cents

 $4.709 (6/21/08)

 

 

 

 

Riverside – San Bernardino

$3.551

 +34.6 cents

 $4.688 (10/8/12)

 

 

 

 

Ventura

$3.617

 +38.1 cents

 $4.689 (10/7/12)

 

 

 

 

Bakersfield

$3.424

+21.9 cents

 $4.648 (10/9/12)