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Tue Oct 9, 2012, 06:44 AM

California gasoline prices set to plunge as spike ends [View all]

Source: Reuters

By Braden Reddall and Erwin Seba
SAN FRANCISCO/HOUSTON | Mon Oct 8, 2012 8:49pm EDT

(Reuters) - The unprecedented price spike that added more than 50 cents a gallon to California pump prices last week ended as quickly as it began, market analysts said, and consumers should see prices fall dramatically in the coming week.

Political outrage, however, was still heating up as Senator Barbara Boxer joined calls for a federal investigation into possible market manipulation.

Prices started pulling back slightly on Monday afternoon, according to online filling station tracker Gas Buddy, after the American Automobile Association website reported they had hit a record of $4.668 per gallon on Monday morning.

California Governor Jerry Brown's decision on Sunday to allow an immediate switch to "winter-blend" fuel was a big factor in driving wholesale prices down by 60 cents a gallon on Monday, market participants said.

"Retail prices will come down as hard as they went up," said David Hackett, president of Stillwater Associates, an energy consultancy in Irvine, California. "It went up 56 cents in a week, it will come down that fast."

Read more: http://www.reuters.com/article/2012/10/09/us-california-gasoline-price-idUSBRE8970SS20121009

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Reply California gasoline prices set to plunge as spike ends [View all]
TomClash Oct 2012 OP
dotymed Oct 2012 #1
cstanleytech Oct 2012 #2
Canuckistanian Oct 2012 #3
demosincebirth Oct 2012 #4
NickB79 Oct 2012 #14
SamKnause Oct 2012 #5
JDPriestly Oct 2012 #8
SamKnause Oct 2012 #9
Tippy Oct 2012 #11
MindPilot Oct 2012 #6
Richard D Oct 2012 #7
SunSeeker Oct 2012 #10
Tippy Oct 2012 #12
SunSeeker Oct 2012 #13
Tippy Oct 2012 #17
Duer 157099 Oct 2012 #15
olddad56 Oct 2012 #16