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Updated] California facing new record high for gasoline prices

October 05, 2012|By Ronald D. White

[Updated, 1:49 p.m. Oct. 5: An earlier version of this story said the state's gasoline record was set during a run up of oil prices that eventually topped $1.47 a gallon.]

The average price for a gallon of regular gasoline in California jumped a whopping 17.1 cents overnight. That makes it almost certain that the state's motorists will see a new all-time record high for gas sometime this weekend.

Friday's average price for a gallon of unleaded regular in California is $4.486 a gallon, which is by far the highest in the nation. That's according to the AAA Fuel Gauge Report, which tracks prices from more than 100,000 retail outlets from around the nation.

On Thursday, California's average price was $4.315 a gallon. Analysts have blamed the sudden increase on a recent spate of refinery problems.

Consumer advocates have blamed the oil and refinery industry and they also note that such swings are inevitable when the state is relying on just 14 refineries for its fuel. They also note that U.S. oil companies are exporting gasoline and diesel overseas.

The record that is likely to be shattered was set on June 19, 2008, when the state's average hit $4.610 a gallon during a run up of oil prices that eventually topped $147 a barrel.

ALSO:

Why are gas prices so high?

Gasoline prices soar in California

Labor Day gasoline prices set record

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