More Jumps For Gas Prices As Oil Prices Rise

Southern California gas prices started jumping almost exactly a month ago and have risen by nearly 50 cents since then, with more penny-a-day increases over the past week, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $2.727 a gallon for regular today, 8.6 cents more than last Thursday.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.829 per gallon, which is 7.3 cents higher than last week, 46 cents more than last month, and 48 cents lower than last year. In San Diego, the average price is $2.77, which is 7.3 cents more than last week, 42 cents higher than last month, and 51 cents less than this time last year. On the Central Coast, the average price is $2.801, 7.2 cents more than last week, 47 cents higher than a month ago, and 51 cents less than last year. In the Inland Empire, the average per-gallon price is $2.774, 8.1 cents higher than last week, 44 cents more than last month, and 50 cents less than last year.

“Oil prices have climbed as U.S. oil production has slowed in reaction to lower profitability, and industry analysts expect even more oil companies to idle more rigs and stop building new facilities,” said Auto Club spokesman Jeffrey Spring. “Los Angeles wholesale fuel prices have risen by more than a dollar since Feb. 18 to $1.71 a gallon, about a dollar under the average retail price. Already, a few more Southern California gas stations are charging more than $3 a gallon.”

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on March 24, averages are: