Today, a mylar balloon downed Exxon/Mobil's Torrance refinery, which supplies 8% of California's gasoline. On May 9, Exxon announced that it was shutting its refinery down for "planned maintenance." In the next four days, Southern California gasoline prices soared 8¢. The current shutdown, which sounds more like an aborted restart, is likely to cause more jumps at the pump this weekend as fuel buyers scramble for supplies.
How one mylar balloon downed California's 5th largest refinery, and the effect it will have on local gas prices.Submitted by AgentOrange on Thu, 05/30/2013 - 16:41
Today, (2-28-13) we predict that gasoline prices should begin to decline on average in San Diego County through Monday from six to twelve cents a gallon.
Gas prices have gone up almost 8¢ since the 14th ... a heart breaking price hike that makes this the most expensive February on record for gasoline in California history. The current average is now $4.27.
Local gas prices surged 9¢ at the retail level today, reaching an average price of $4.09 a gallon in San Diego County.
Prices have increased 27¢ in the last 7 days, and almost 40¢ in the last two weeks, representing an 11% increase in less than 14 days.
Given the velocity of the current price trajectory, and the fact that it is occurring this early in the year, suggests that 2013 will probably be the most expensive year for gasoline in the history of the state of California.
A new analysis by UCAN, the Utility Consumers' Action Network shows that San Diego and California gas prices have exceeded the record high for any January in U.S. history.
"This could be the beginning of a possible superspike in gas prices," says UCAN's Gasoline Project manager, Charles Langley.
Gasoline currently averages $3.90 a gallon in San Diego -- The highest price ever for this time of year.
Why Hurricane Sandy will help lower our gas prices
We've said it before: "Driving rain drives down gas prices."
And when a hurricane is in play, you can expect gas prices
to drop in the short term. In fact, we predict that in Southern
California, gas prices are likely to drop another 8¢ this weekend.
The primary reason is demand destruction: On the East
Coast, demand is down because so many roads are
ABC 7 NEWS is reporting that the alleged power failure that supposedly incapacitated Exxon/Mobil's mighty Torrance refinery may never have happened.
Need we say more?
This price surge could make Blue voters see Red in California
In San Diego, gasoline prices have jumped 17¢ in four days to an average
price of $4.34 a gallon for regular unleaded, and they could climb another
40¢ by Monday, breaking San Diego's all-time record high.
Meanwhile, the cost of crude oil has stayed flat. Domestic crude prices have
actually dropped by slightly since Monday.
There are excuses for what's happening now, but few good reasons.