The Joplin Globe, Joplin, MO

Business

Discussion

October 8, 2012

California gasoline prices hit all-time high - twice

From The Associated Press

LOS ANGELES — California motorists faced another day of record-breaking gasoline prices Sunday, though relief appeared to be on the way.

In its latest update early Sunday, AAA reported that the statewide average price for a gallon of regular unleaded gasoline was $4.655. Saturday’s average of $4.6140 was the highest since June 19, 2008, when it was $4.6096.

The four-penny-per-gallon jump Sunday was less than Saturday’s increase, which was 12 cents.

Sunday’s price, like Saturday’s, was the highest in the nation, with the Golden State overtaking Hawaii as the state with the most expensive fuel due to a temporary reduction in supply.

In some locations, fuming motorists paid $5 or more per gallon while station owners had to shut down pumps in others.

A station in Long Beach had California’s priciest gas at $6.65 for a gallon of regular, according to GasBuddy.com. Meanwhile customers at an outlet in San Pablo paid just $3.49, the lowest price in the state.

The average for a gallon of regular was $4.69 in Los Angeles, $4.71 in San Diego and San Francisco, $4.55 in Sacramento and $4.90 in Santa Barbara, according to GasBuddy.com.

The dramatic surge came after a power outage Monday at a Southern California refinery that reduced supply in an already fragile and volatile market, analysts said. The refinery came back online Friday and prices were expected to stabilize in the coming days.

Patrick DeHaan, senior petroleum analyst at GasBuddy.com, predicted the average price could peak as high as $4.85 before coming back down.

 

Text Only
Business
  • Business Stocks head lower, market on track for weekly loss

    The stock market headed slightly lower Friday, keeping on track for its first weekly loss in a month.

    May 24, 2013 1 Photo

  • Summer travel forecast: Better, but no blowout

    This summer, high rollers are flying to lavish hot spots for their vacations. The rest of us are driving to less luxurious places like nearby campgrounds.

    May 24, 2013

  • Schumer urges look at security in Sprint deal

    Sen. Charles Schumer urged regulators to “use extreme caution” when reviewing the proposed acquisition of No. 3 cell carrier Sprint Nextel by Japan’s Softbank, saying the Japanese company’s use of Chinese networking equipment could open up U.S. networks to snooping and hacking.

    May 24, 2013

  • Kid Rock, Rolling Stones on scalping, summer tours

    Kid Rock is a scalper. The 42-year-old Grammy winner, who is launching a summer tour where most tickets are priced at $20, said he’s holding about 1,000 tickets from each show and reselling them on ticketsnow.com — owned by Ticketmaster — to make up for the cheaper regular price he’s offering.

    May 24, 2013

  • US rig count down 7 to 1,762

    Oilfield services company Baker Hughes Inc. says the number of rigs actively exploring for oil and natural gas in the U.S. dropped by seven this week to 1,762.

    May 24, 2013

  • West Virginia joins fight to EPA greenhouse gas rules

    West Virginia’s governor and attorney general are joining two other states that are seeking to challenge federal environmental rules on greenhouse gas emissions.

    May 24, 2013

  • Why worry? Less aid by Fed would point to recovery

    Investors have grown nervous that the Federal Reserve will scale back its efforts to boost the U.S. economy sooner than many expected.

    May 24, 2013

  • Sears reports bigger-than-expected 1Q loss

    Sears Holdings Corp. reported a steeper-than-expected loss for its first quarter with the beleaguered retailer blaming a cooler spring for falling sales.

    May 24, 2013

  • Procter & Gamble brings back A.G. Lafley as CEO

    Procter & Gamble Co. is bringing back its former CEO, as the world’s largest consumer-products maker tries to spur global growth.

    May 24, 2013

  • Business Asia stocks extend losses after big sell-off

    Asian stocks continued to retreat Friday after being routed the day before by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary stimulus.

    May 24, 2013 1 Photo