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Oil price plunge on bad economic news, gas prices follow

SAN DIEGO - Gas prices are expected to decline in the next few days in the wake of horrible economic news both internationally and locally in California.

Consider these facts:

Brent Crude - down ten cents a gallon in the last week and
poised to bellyflop below $100 a barrel (trading at $102 this AM).

NYMEX Crude - Plunged below the $90 mark earlier last week and
moved decisively into the high $80/bbl today at $87 this AM, down
ten cents a gallon since Monday.

Gas prices soar in San Diego - within three cents of setting record price for the year.

As we predicted on Friday, gas prices have soared almost 13¢ over the weekend to a new average of $4.35 a gallon this morning. The current price is just three cents away for this year's record high of $4.38 a gallon.  The all-time record high for San Diego was set in June of 2008, when prices reached $4.61 a gallon. 

Gasoline buyer's advisory: Expect gas prices to rocket upward this weekend.

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.

Gas prices drop for sixth straight week ... but 2012 will likely be the most costly year on record.

Earlier this year many prominent gasoline analysts predicted $5 a gallon gasoline this summer. In fact, we turned down several media interviews because we were unwilling to parrot hysterical predictions that gasoline prices would exceed $5 a gallon in 2012.  While we said it was "possible," we also made it clear that it was "highly unlikely."

How much do you pay in taxes for a gallon of gasoline? Enter the retail price of gas and calculate your taxes per gallon.

Enter the retail price of gasoline and get an accurate estimate of what you are paying in gas taxes!

British Petroleum refinery fire could cause a superspike in California gas prices

In the last 24 hours gas prices have increased nine cents following news that British Petroleum / Arco's  massive Carson refinery had a flaring event early this morning. The unplanned flaring is expected to continue through Wednesday, according to Reuters, and was caused by an unspecified breakdown.

California gas prices at highest level ever for any February on record, surge 17¢ in one week.

In the last 48 hours, gas prices in San Diego have surged by nearly 10¢ a gallon. At $4.07 a gallon, San Diego's gas prices are the highest on record for any February in County history, including the year 2008, when gasoline prices hit an all-time record high of $4.64 a gallon on June 13, 2008. This trend is paralleled by a a national average of more than $3.54 a gallon, which is also the highest price on record.

Economy car buying tips: Searching for the perfect economy car

1967 Comuta all electric car.  Source: Photo by C-Car Tom.
1967 Comuta all electric car.  Source: Photo by C-Car Tom.

Gas prices at highest level for any February on record.

At $3.77 a gallon, San Diego's gasoline now costs more than any February on record. The current high prices show that we may be on track for breaking the all-time record high of $3.64 a gallon in June of 2008.  But even if we don't break the all-time record, chances are excellent that you will spend MORE on gasoline in 2012 than you did in '08 because of sustained high prices.

Fuel prices out of synch with oil prices

Gas prices are at the highest level for any January on record at a current San Diego average of $3.77 a gallon.  This price is 43¢ higher than a year ago, but oddly, oil prices have not increased that much.  On a per gallon basis, oil only costs about 16¢ more per gallon than it did this time last year.

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