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Gasoline Price in County Hits Record $4.67 a Gallon Average After Spikes

Power failure at ExxonMobil Torrance Refinery and closure of a Chevron pipeline were faulted.

The average price of a gallon of self-serve regular gasoline in San Diego County rose to a record $4.674 Saturday, increasing 15.1 cents from Friday.

The average price has risen 49.6 cents over the past four days, including a record 19.5 cents Friday, according to figures from the AAA and Oil Price Information Service.

It is 53.9 cents more than a week ago, 51.7 cents higher than a month ago and 86.8 cents greater than at this time last year.

The previous record was $4.63, set on June 19, 2008.

The record price is the result of wholesale markets going “into a panic about the adequacy of California fuel supplies,” following a power failure at the ExxonMobil Torrance Refinery and closure of a Chevron pipeline that moves crude oil to Northern California Monday, said Jeffrey Spring of the Automobile Club of Southern California.

The Monday incidents followed local refineries dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline, Spring said.

—City News Service

Mike G October 07, 2012 at 02:03 PM
Big oil keeps citing supply problems as the cause of soaring prices. I'm calling B.S. on this. I haven't seen one gas station in town that was out of gas. There was the ONE Costco that ran out but only for a couple of hours. This is not a supply and demand issue. This is flat out a GREED issue.
Robert Paulson October 07, 2012 at 08:22 PM
Stop subsidies to the oil companies. Stop subsides to big agra. These are only Republican rewards to big business. They only add to the financial burden of the slowly disappearing middle class.

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