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Gas prices shatter record high for any January in California history

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.

UCAN's research show that on average, the average wholesale price of gasoline has jumped 50¢ in the last eight days for local gas stations that sell unbranded gasoline. For major brands wholesale prices have jumped by an estimated average of 22¢ a gallon in eight days, while, street prices have only increases by 17¢ a gallon.

The full brunt of the high-octane price hikes has yet to be felt by consumers.

"As gas stations runout of cheap gas, they will have to buy more expensive gas to replace it" says Langley, "Our analysis shows that for retailers that sell unbranded gasoline, it is almost impossible to sell gas for less than $4.06 a gallon without losing money. That means that gas prices will probably surge in the next few days."