Gas Prices

How bad was California's record gasoline price spike last month? So bad that even after falling by 89.9 cents a gallon from the record $4.671 set on Oct. 9, the state's average is still at a record level one day before the start of the long Thanksgiving weekend. The average price of a gallon of regular gasoline in California is $3.772, down an additional 6.9 cents a gallon since last week, according to the AAA Fuel Gauge Report. That's still higher than the old record for today: $3.764, set last year.

The workweek begins with California under an important fuel price threshold. The average for a gallon of regular has dropped below $4 a gallon. Today's average for the state is $3.979 a gallon, according to the AAA Fuel Gauge Report. Analysts had said on Friday that the price would likely breach the $4 mark over the weekend, and it did, reaching $3.992 a gallon on Sunday. The state's average hadn't been below $4 since Aug. 10, when it was $3.98 a gallon. Marie Montgomery, a spokeswoman for the Automobile Club of Southern California, said that the new average was a big drop from the record high price of $4.671 a gallon set Oct. 9. But she added that a lot of drivers probably shared her main question.

Re "Gas market's structure hits drivers hard," Oct. 22 The graph that accompanied this article, which shows how crude oil prices, taxes, refiners and station owners have influenced the price of gas recently, proves that practically all of the recent run-up in California gasoline prices is going to the refinery owners: Chevron, Tesoro, BP, ConocoPhillips, Exxon Mobil and four others. Chevron, BP, Exxon Mobil and ConocoPhillips are, along with Shell, the five largest oil companies in the world, and in 2011 they made record profits of $137 billion.

California's recent surges in the price of gasoline have prompted calls in Congress for hearings into the causes. The top Republicans on two Senate committees, Lisa Murkowski of Alaska and James Inhofe of Oklahoma, on Wednesday called on the Democratic leaders of their panels to hold a hearing as soon as next month when Congress returns for a post-election lame-duck session. The senators want to examine, among other things, what role regulation has played in price increases.

NEW YORK -- Investors continued a broad sell-off midway through the trading day as blue-chip companies reported disappointing earnings and offered dimmer outlooks for global growth. The Dow Jones industrial average was down 226 points, or 1.7%, to 13,120, a level not seen since early September. The broader Standard & Poor's 500 index lost 21 points, 1.4%, to 1,413. The Nasdaq was off 17 points, or 0.6%, to 3,000. Among major comapnies to report weak third-quarter earnings was chemical giant DuPont Co. The company's profit fell to $10 million, or 1 cent a share, down from $452 million, or 48 cents,  from the same period a year ago. DuPont's stock lost $4.34, or nearly 9%, to $45.42, dragging the Dow lower.

California gasoline prices have dropped by an average of 24.4 cents a gallon since hitting a record for the state on Oct. 9. But the decline hardly amounts to the relief from high prices that most motorists would love to see. Even with the drop in prices, the average cost of a gallon of gasoline in California is still a whopping 56.5 cents a gallon higher than the old record for Oct. 22, which was set last year, according to the AAA Fuel...

California gasoline prices have dropped by an average of 24.4 cents a gallon since hitting a record for the state on Oct. 9. But they are still way higher than they were a year ago. Join us for a live video discussion at 2 p.m. PDT about where gas prices are headed, and why they are still 56.5 cents a gallon higher than the previous record set Oct. 22, 2011. Consumer columnist David Lazarus will talk to Ken Bensinger, who wrote in Monday's Los Angeles Times that California has about half the number of refiners it had in the early 1980s.

Re "Gasoline in the Golden State," Letters, Oct. 16 Maybe Charles T. Drevna, the president of American Fuel and Petrochemical Manufacturers - who blamed high gas prices on government regulation - didn't live in L.A. when the air quality was so poor that the mountains were hidden from view. I remember; the smog was so bad I would come inside after playing with my lungs hurting. Finally, because of better emissions standards, our air is cleaner, public health is improved and we can see our gorgeous mountains again.

WASHINGTON - For the second straight month, a sharp rise in gasoline prices helped push up prices for consumer goods, the Labor Department said Tuesday. The Consumer Price Index, which measures inflation, increased a seasonally adjusted 0.6% in September from the previous month. Prices also were up 0.6% in August. Before that, inflation had been flat or down for four consecutive months. Higher gasoline costs were again the main culprit in September. Prices at the pump, which have set records recently in California, were up 7% last month, following a 9% increase in August.

WASHINGTON -- A sharp rise in gasoline prices helped push up prices for consumer goods in September for the second straight month, the Labor Department said Tuesday. The consumer price index, which measures inflation, increased a seasonally adjusted 0.6% in September from the previous month. Prices also were up 0.6% in August. Before that, inflation had been flat or down for four consecutive months. Higher gas costs were again the main culprit in September. Prices at the pump, which have set records recently in California, were up 7% last month, following a 9% increase in August.