• Calif. gasoline prices hit all-time high — twice
    By
     | October 08,2012
     
    AP PHOTO

    A customer fills his tank at a Chevon service station in Tustin, Calif. on Saturday. In many areas in California, gas prices have jumped 40 cents in a week as refinery problems have created shortages and helped send wholesale prices soaring.

    LOS ANGELES — California motorists faced another day of record-breaking gasoline prices Sunday, though relief appeared to be on the way.

    In its latest update early Sunday, AAA reported that the statewide average price for a gallon of regular unleaded gasoline was $4.655. Saturday’s average of $4.6140 was the highest since June 19, 2008, when it was $4.6096.

    The four-penny-per-gallon jump Sunday was less than Saturday’s increase, which was 12 cents.

    Sunday’s price, like Saturday’s, was the highest in the nation, with the Golden State overtaking Hawaii as the state with the most expensive fuel due to a temporary reduction in supply.

    In some locations, fuming motorists paid $5 or more per gallon while station owners had to shut down pumps in others.

    A station in Long Beach had California’s priciest gas at $6.65 for a gallon of regular, according to GasBuddy.com. Meanwhile customers at an outlet in San Pablo paid just $3.49, the lowest price in the state.

    The average for a gallon of regular was $4.69 in Los Angeles, $4.71 in San Diego and San Francisco, $4.55 in Sacramento and $4.90 in Santa Barbara, according to GasBuddy.com.

    The dramatic surge came after a power outage Monday at a Southern California refinery that reduced supply in an already fragile and volatile market, analysts said. The refinery came back online Friday and prices were expected to stabilize in the coming days.

    Patrick DeHaan, senior petroleum analyst at GasBuddy.com, predicted the average price could peak as high as $4.85 before coming back down.

    MORE IN World/National Business
    NEW YORK — Procter & Gamble is canceling an on-field breast cancer awareness promotion it had... Full Story
    Procter & Gamble cancels on-field NFL promotion
    NEW YORK — Alibaba debuted as a publicly traded company Friday and swiftly climbed more than 40... Full Story
    Alibaba stock soars in jubilant trading debut
    WASHINGTON — Strong stock market gains and higher home prices boosted Americans’ net worth in the... Full Story
    Stock gains lift US household wealth to a record
    More Articles
  •  
     
    • MEDIA GALLERY 
    • VIDEOS
    • PHOTOS