Sat Oct 6, 2012, 06:12 AM
pinboy3niner (32,334 posts)
AP: Calif. gas prices will rise, then fall next week
Last edited Sat Oct 6, 2012, 07:27 PM - Edit history (1)
GILLIAN FLACCUS, Associated Press
Updated 4:26 a.m., Saturday, October 6, 2012
LOS ANGELES (AP) — California gas prices will increase for several more days before leveling off after a temporary reduction in supply triggered a price spike that saw fuming motorists paying $5 or more per gallon in some locations and station owners shutting down pumps in others.
The Golden State leapfrogged Hawaii as the state with the most expensive fuel. The average price for a gallon of regular unleaded across California was nearly $4.49 on Friday, 32 cents more than a week ago and the highest statewide average in the nation, according to AAA's Daily Fuel Gauge report.
The national average is about $3.79 a gallon, the highest ever for this time of year. However, gas prices in many other states have started decreasing, which is typical for October.
The dramatic surge came because of a power outage Monday at a Southern California refinery reduced supply in an already fragile and volatile market, analysts said, but the refinery came back online Friday and prices were expected to stabilize by next week.
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." -- Mark Twain
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