Wholesale prices to unbranded independent gas stations have surged by 26¢ a gallon since last Thursday on news of a shutdown at Exxon's Torrance refinery (see news report).
Yesterday we predicted that gas prices would breach the $4 mark by Monday. At this hour (7AM, Friday, August 10, 2012) prices have already climbed to $3.99 for regular unleaded, up from $3.94 yesterday. Diesel has climbed 6¢ overnight to $4.14 a gallon on average.
The recent fire at Chevron's massive Richmond California refinery is having a dramatic impact on San Diego gas prices. The refinery produces roughly 13.5% of California's gasoline and diesel fuel and prices have risen at retail by 7¢ a gallon since news of the explosion on Tuesday.
Our analysis of wholesale prices charged to independently owned gas stations shows that most dealers can't buy gas and break even for less than $4 a gallon. At the time of this writing, gasoline averages $3.94 a gallon in San Diego, with prices climbing.
Reports of record low inventories have given California refineries a green light for high-octane price hikes.
Consumers who delay buying gas today will pay more for it tomorrow.
Recently, an estranged relative (emphasis on “strange”) suggested shipping "Georgia," my 1966 Oldsmobile to Europe for some high-speed touring, and then eventually selling the vehicle at a profit as an exotic American muscle car. It's a bizarre idea, and I was a bit leery of it for several reasons.
Reports of a problem at a Fluid Catalytic Cracking unit at Arco/British Petroleum's massive refinery in Carson could make for jumps at local pumps this weekend. As of this morning prices charged to some retailers jumped as much as 8¢ a gallon on news that Arco was having problems. Arco's FCC unit went down at a time when British Petroleum is trying to divest itself of Arco refineries and gas stations. Most troubling is that fact that mid-September should be a season of steadily declining gas prices.
Did your car run out of gas and require a tow because the local gas pumps weren't working? Did all the food in your refrigerator spoil? Most homeowner insurance policies have a $1,000 deductible, but if you experienced blackout related damages, you may be able to get reimbursed for your losses by SDG&E. Details are at UCAN.
Gas prices in San Diego have surged upward, moving up 12.3¢ over the weekend at a rate of more than three cents a day. This is a major move by anyone's standard, and to the best of our knowledge the fastest and most aggressive 4-day price hike in the 13-year history of the UCAN.org Gas Project. The average prices below were recorded very early Monday morning. They have gone up since then. Our analysis of wholesale prices strongly suggests that gas prices could easily climb another 7¢ by Thursday afternoon.