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Gas prices in California rise to another new record

October 07, 2012|By David Colker
  • Costco members fill up with discounted gasoline in Van Nuys.
Costco members fill up with discounted gasoline in Van Nuys. (Damian Dovarganes / Associated…)

The pain at the pump continues.

The average price of regular gas in California hit a record average of $4.655 on Sunday, according to the AAA's daily fuel gauge report. That's a rise of 4.1 cents overnight. 

If there is any good news, the rise is slowing. On Saturday, the overnight price rise was 12.8 cents. 

Furthermore, if you tend to look at the world with a glass-half-full view, the $4.655 price breakthrough Sunday is not a record if inflation is taken into account. The current price of regular would have to hit about $4.93 to match the record set in 2008.

The main reason for the soaring gasoline prices this week is the shutdown of the Exxon Mobil refinery in Torrance due to a power outage, but other problems with refineries and pipelines also contributed. 

Why gas price are going up

Just a month ago, the average price for regular in the state was $4.17. A year ago it was at $3.803.

The highest average price Sunday for regular in metropolitan areas covered by the AAA report is in San Luis Obispo where it's at $4.740.

In the Los Angeles-Long Beach area, motorists filling up Sunday are paying an average of $4.696 for regular. In Orange County it's $4.686, Ventura hit $4.689 and the Riverside-San Bernardino area is at $4.67. In San Francisco, the average is $4.731.

Some relief is probably in sight because the Exxon refinery went back on line Friday. But California will probably remain well above most of the nation when it comes to gas prices.

The U.S. average on Sunday was $3.814 for a gallon a regular, according to the AAA.

ALSO:

Eight more Southern California gas stations reopen.

California sees record gas prices as police deal with fuel bandits.

Honda announces third large recall of vehicles in a week -- 268,000 CR-Vs

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