October 22, 2012 |
For nearly two decades, Santosh Arya has pumped some of the San Diego area's cheapest gas at his three Homeland Petroleum stations. But his streak ended early this month, when wholesale prices started rising sharply, then shot up 40 cents a gallon overnight. To break even, Arya calculated he would have to sell a gallon of regular at $5.10 -- almost a buck higher than at nearby Shell and 76 stations. Instead, he shut down and waited for prices to drop. "I've never seen anything like it," said Arya, who said he lost $2,000 a day while hanging "out of gas" signs on his pumps.
October 15, 2012 |
Gasoline prices in California are dribbling lower, with the average price slipping as much as a penny a day from record highs reached last week, fuel surveys show. "It's all rigged. They've got us over a barrel, literally," grumbled restaurant manager Jay Moss, who paid $4.99 a gallon Sunday at a Mobil station in Santa Monica. "It's down a little, but not much. I'm just tired of looking. " Although the slow pace of relief might be annoying to drivers, it's a familiar pattern to energy economists.
October 12, 2012 |
How can a power outage at a refinery spark $5-a-gallon gasoline at some L.A. stations? Why would the fact that California had to switch to the winter-blend fuel at the end of October - a fact known all year - raise gasoline prices to record levels? This price surge is not a freak phenomenon or the result of a convergence of refinery problems, as the oil industry has argued. It's happened before (only the $5 level is new) and will happen again and again because California oil companies can make more money by making less gasoline.
October 11, 2012 |
California's average gasoline price edged lower for the first time in more than a week, but analysts warned that any decline would be gradual partly because a section of the huge Chevron Corp. refinery in Northern California is expected to remain closed the rest of the year. Motorists in the state paid an average of $4.666 for a gallon of regular gasoline Wednesday, down half a cent overnight, according to AAA's daily survey of fuel prices. On Oct. 1, the day Exxon Mobil Corp.'s Torrance refinery went out of service temporarily because of a power outage, the average was $4.168.
October 10, 2012 |
For the fourth day in the row, California broke the state's record on gasoline prices, according to the AAA Fuel Gauge Report. The only good news, analysts said, was that the rise continued to lose momentum Tuesday. According to the AAA, the average price of a gallon of regular gasoline in California reached $4.671. That was an increase of just 0.3 cent overnight. The AAA price averages use-sales receipts collected daily from more than 100,000 retail outlets. "It's not over yet," said fuel price specialist Bob van der Valk about the unusual surge that left gasoline prices 48.9 cents higher than they were a week ago. California had the highest prices for gas in the nation, by far. Second place went to Hawaii, whose average for a gallon of regular was 26.4 cents less.
October 8, 2012 |
Gas prices in California are at a record high for the third day in a row, up slightly more than a cent overnight at $4.668 for a gallon of regular just as motorists start their work week. The cost of fueling up has soared in recent days, as refinery and pipeline problems squeezed supply. The steep and sudden run-up caused Gov. Jerry Brown to call Sunday for a quick infusion of winter-blend gasoline. At the pump, drivers first saw prices surge to an all-time high Saturday , when they hit $4.614 a gallon and beat out a previous record set in 2008.
October 6, 2012 |
California drivers are reeling from days of sharp gasoline price increases that left the state within reach of its record high. Economists warn that a prolonged period of elevated gas costs could harm consumers as the holiday shopping season kicks in. Analysts attributed the price surge to fuel traders' emotional reaction after a series of refinery outages and other problems, including a Northern California refinery fire, a Southern California refinery...
October 5, 2012 |
Some Southern California gas stations are charging more than $5 a gallon for gasoline. Gas prices have gone up so high and so quickly, some customers are snapping pictures at the pump or driving off in hopes that gas will cost less next week. LIVE VIDEO DISCUSSION: Join us at 3 p.m. today To examine why gas prices are suddenly so high, join us for a Google+ Hangout at 3 p.m. PDT with Patrick DeHaan, senior petroleum analyst at the GasBuddy.com website, and Times energy editor Nancy Rivera Brooks.
October 5, 2012 |
Skyrocketing gasoline prices caused some local service stations to shut off their pumps Thursday while others shocked customers with overnight price increases of 30 cents or more. California's fuel industry isn't running out of gasoline - supplies are only 2.5% lower than this time last year - but recent refinery and pipeline mishaps sent wholesale prices to all-time highs this week. As a result, some station owners weren't buying fuel for fear they couldn't sell it. Those who did buy simply kicked prices higher and bet customers would understand.
September 10, 2012 |
Nationwide fuel prices are continuing to tick up slightly, rising to $3.828 Monday from $3.827 a week ago for a tank of regular gas. A month ago, the average price for a gallon of regular gasoline was $3.685; a year ago the price was $3.66, according to the AAA Fuel Gauge. The measure draws data from credit-card receipts from more than 100,000 U.S. retail outlets. In California, drivers are still spending more than $4 a gallon. Statewide, a gallon of regular cost $4.167, up from $4.164 a week ago and $4.044 a month earlier.