December 23, 2010 |
Crude oil prices closed above $90 a barrel for the first time in two years, raising the likelihood that U.S. gasoline prices will reach an average of $3 a gallon for the first Christmas ever. California already far surpassed that point this season ? the average pump price was $3.28 Wednesday, according to the U.S. Energy Department. Experts said it's heading for $4 and more in parts of the state. The rising gas prices have experts worried about how the slow-recovering economy could be affected.
December 20, 2010 |
Surging oil prices generally lead to soaring costs at the pump for retail gasoline. That hasn't happened with the recent jump in the price of crude, but it could soon. Crude oil for January delivery climbed 79 cents, or 0.9%, to settle at $88.81 a barrel Monday on the New York Mercantile Exchange. Analysts said the rise was unusual for this time of year and blamed it on a spate of refinery outages. But over the last week in California the average price at the pump fell slightly, by 0.3 cent to $3.247 a gallon.
November 10, 2010 |
Be it a bushel of wheat from Kansas, a ton of rice from India or a barrel of crude from Saudi Arabia, prices for all manner of commodities are on the rise across the globe, a trend that is starting to pinch American consumers. On Tuesday prices of many raw materials continued to surge, with gold, cotton and sugar reaching record highs. A closely watched index of 19 major commodities closed at a two-year high, despite a late-day sell-off in gold and oil. The effects are rippling from financial trading floors to local stores, forcing consumers to shell out more for everyday basics ?
August 31, 2010 |
With gas prices gradually dropping, Southern Californians are more likely to drive for a Labor Day weekend getaway than any time in the last decade, according to the Auto Club of Southern California. For a final summer fling, 91% of the 2.5 million Southern Californians who plan to travel for the holiday weekend will get behind the wheel of a car, a 4% increase over last year, the Auto Club said. Travel experts say traveling by car is gaining popularity partly because it remains one of the cheapest ways to travel and because airline travel has become troublesome and time-consuming.
June 8, 2010 |
Retail gasoline prices dropped nationally over the last week and crude prices fell on Monday because of concerns that the European debt crisis is spreading and will dampen demand for energy products. A strong U.S. dollar also weakened investor interest in putting money in oil, analysts said. The average price of a gallon of regular gasoline in the U.S. fell three tenths of a cent to $2.725, according to the Energy Department's weekly survey of filling stations. In California, an average gallon of regular gasoline rose 4.4 cents to $3.068, the Energy Department said.
March 16, 2010 |
Gasoline prices at the pump rose slightly last week, the Energy Department said Monday, as oil futures fell to their lowest levels in March. The average price of a gallon of regular in California rose 1.5 cents to $3.061, according to the agency's weekly telephone survey of filling stations. Nationally, prices rose 3.7 cents to an average of $2.788 a gallon. In some potentially good news for motorists, analyst Tom Kloza said that prices nationally were already within 25 cents of their likely peak for the year, with the summer driving season yet to come.
February 23, 2010 |
Pump prices for gasoline in California edged slightly lower over the last week but were on the rise just about everywhere else in the nation, the Energy Department said Monday. The bump in retail prices also helped drive oil futures marginally higher, Wall Street analysts said. Gasoline prices had drifted as low as they could go in recent weeks, those analysts said, because some recent refinery outages had limited supply -- and demand is expected to go up. Experts were expecting a surge in demand as motorists returned to driving after harsh storms dropped large amounts of snow in parts of the Eastern U.S. The average price of a gallon of regular gasoline in California fell 0.8 cents to $2.918, its lowest level since Dec. 21, according to the Energy Department's weekly survey of filling stations.
February 4, 2010 |
Flying J Inc. has agreed to sell its 66,000-barrel-a-day Bakersfield refinery to Paramount Petroleum Corp., a division of Alon USA Energy Inc., if that firm is the successful bidder in an upcoming bankruptcy auction. Flying J, based in Ogden, Utah, filed for Chapter 11 bankruptcy protection in December 2008 after oil prices tumbled from record-high levels and credit markets dried up. Since then, the refinery operated by subsidiary Big West of California has struggled to keep operating and to maintain a regular supply of crude for processing.
December 23, 2009 |
Retail gasoline prices mostly held steady over the last week, the Energy Department said Tuesday, as crude oil prices climbed slightly in light pre-holiday trading. Light, sweet crude for February delivery climbed a modest 68 cents to $74.40 a barrel on the New York Mercantile Exchange after the Organization of Petroleum Exporting Countries announced from a meeting in Angola that there would be no changes in their production levels. At the pump, California's average gasoline price rose for the first time in seven weeks, but by a mere 0.9 cents to $2.912 a gallon for regular.
November 17, 2009 |
Pump prices edged lower nationally and in California over the last week, the Energy Department said Monday, and analysts were predicting the trend would hold in the near term despite a strong day for oil futures. The average price of a gallon of regular gasoline fell another 2 cents in California to $2.961, according to the Energy Department's weekly survey of filling stations. Analysts said the state's numbers should continue to fall because the wholesale trading price for the unfinished fuel that is blended into the state's gasoline was running at $2.01 a gallon.