California Gas Prices Hit Record Highs

Over the weekend, the price of gasoline in California hit new record highs. The new highs were reached after a surge in prices at the pumps had been propelled by a downfall in inventories in the area to historic lows.

The average price for one gallon of gasoline in California was $4.614, which edged past the previous high of $4.61 that was set back in 2008, said data released by AAA. However, prices in some areas of the state were over $5 per gallon. On Saturday, one gas station in Los Angeles was selling gas at $5.49 per gallon for regular grade.

Just last week, the average price in the state was at $4.145. The abrupt spike in prices has shocked the car-loving residents of California and has left some gas stations scrambling to find supplies. Signs are starting to appear that indicate the price spike could end, but the roads may not be as full of cars for the near future.

A series of different events have caused the supply to become limited and caused the inventories in gas on the West Coast to fall during the week to their third lowest in over 20 years. In Richmond, California, a fire closed a refinery during late summer.

A pipeline that carries crude from the Central Valley of California to different refineries near San Francisco has not been opened since the middle of September. In addition, two plants were shut down by Phillips 66 for planned maintenance and a power outage struck Exxon Mobil’s refinery in Torrance, a city near Los Angeles.

Officials in California took to the airwaves during the week to assure residents of the state that they were not running out of gas. However, Costco had to close 14 out of its 40 stations in the Los Angeles area until the situation started to improve.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


© 2006-2017 Ticker Report. Google+.