Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/8/2012 (2 years ago)

Catholic Online (www.catholic.org)

Prices at pump the highest since 2008; average is now $4.614 per gallon

There was a great hue and cry at the corner gas station throughout the Golden State as gas prices hit a new record this past weekend -- an all-time average high of $4.6140 per gallon. The news gets even direr as prices are only expected to climb in the next couple days, according to the Automobile Club of Southern California.

Coupled with a refinery power outage and a pipeline incident last week, gasoline wholesale markets into a free fall about the adequacy of California fuel supplies.

Coupled with a refinery power outage and a pipeline incident last week, gasoline wholesale markets into a free fall about the adequacy of California fuel supplies.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/8/2012 (2 years ago)

Published in Business & Economics

Keywords: California, gas prices, supply and demand, refineries


LOS ANGELES, CA (Catholic Online) - Gas prices have gone up a whopping 47 cents in the past week in the state. Blame is being placed upon a refinery shortage and a recent power outage at a plant in Torrance.

Things have gotten so bad in California, prices have leapfrogged over Hawaii's. The national average for a gallon of remains$3.81 per gallon.

"This is ridiculous," Edgar Marutyan, one exasperated taxi driver exclaims. "I don't know how long we can go like this."

"Five dollar gas prices -- now six -- are very unreasonable," another commuter said.

The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest single-day increase last Friday. Gas skyrocketed up 19.2 cents to $4.539, its highest amount since July 12, 2008.

That's a startling 40.3 cents more than a week ago, 36.4 cents higher than a month ago and 71.5 cents greater than at this time last year, according to figures from the AAA and Oil Price Information Service.

The record price in LA County is $4.626, set on June 21, 2008, a record set by a fraction of a penny, according to AAA spokesman Michael Green. The previous high was $4.6096 on June 19, 2008.

In Orange County, the average price also recorded its largest single-day increase Friday, rising 19.5 cents to $4.525, its highest amount since July 9, 2008. That's 41.4 cents more than one week ago, 37 cents higher than one month ago and 73.8 cents greater than one year ago.

The record price in Orange County is $4.598, set on June 19, 2008.

Jeffrey Spring of the Automobile Club of Southern California said that local refineries were 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.

Coupled with a refinery power outage and a pipeline incident last week, gasoline wholesale markets into a free fall about the adequacy of California fuel supplies.

It's not clear how much higher prices will go, he said.

"A lot depends on whether the perceived supply issues are quickly addressed," Spring said.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for May 2015
Universal:
That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
Evangelization: That Mary's intercession may help Christians in secularized cultures be ready to proclaim Jesus.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Aging global population threatens to send world debt OUT OF CONTROL, Goldman Sachs warns Watch

Image of Part and parcel of Japan's economic crisis is the rise of male

By Catholic Online (NEWS CONSORTIUM)

The global economy is going to need a new business model - and fast. According to international financial adviser Goldman Sachs, the world's growing aging population - coupled with the reduction of young workers, the world is drowning in debt that it will be ... continue reading


Los Angeles boosts minimum wage to $15.34 an hour, largest U.S. city to do so Watch

Image of Significantly, the bill in its current form includes tipped workers. This means that tips would not count towards the proposed minimum-wage base pay of $15.

By Catholic Online (NEWS CONSORTIUM)

The minimum wage for the city of Los Angeles will be $15.34 by the year 2020 - until then, wages will increase incrementally each year. The vote is being hailed as "the most significant victory so far" in the push to increase the minimum wage nationally. LOS ... continue reading


Another attack on 'In God We Trust': Atheists take a stab at U.S. currency motto Watch

Image of The United States currency's motto is 'In God We Trust.'

By Atarah Haely (NEWS CONSORTIUM)

After a series of unsuccessful legal battles against the religious quote on U.S. currency, a popular atheist activist claims to have found a new and more effective way attack the country's beloved "In God We Trust." MUNTINLUPA, PHILIPPINES (Catholic Online) - Michael ... continue reading


Verizon to buy AOL in $4.4 billion deal Watch

Image of Verizon says the deal will shore up its wireless and over-the-top or OTT video strategies.

By Catholic Online (NEWS CONSORTIUM)

In a deal valued at approximately $4.4 billion, telecoms giant Verizon will acquire digital conglomerate American Online, or AOL. Verizon announced this week it would acquire digital conglomerate AOL, intended to bolster the telecommunications giant's efforts ... continue reading


Five American tech companies have $430 BILLION in which to play Watch

Image of While other companies cry

By Catholic Online (NEWS CONSORTIUM)

While other companies cry "poor mouth" or say they have little at their disposal, at least five American tech companies are sitting on an overwhelming $430 BILLION in cash. There should be no surprise that Apple leads the list by a wide margin. LOS ANGELES, CA ... continue reading


New York Times reports substantial loss in spite of digital growth Watch

Image of There has been a move to make the newspaper more attractive to readers. The newspaper's cooking product, a hub for recipes and food-related content, has been free since its introduction.

By Catholic Online (NEWS CONSORTIUM)

In just one of growing death knells of the daily print newspaper, the iconic New York Times reported a hefty $15 million loss for the first quarter of 2015. Digital subscriptions continue to show solid growth. Digital advertising grew at a double-digit pace. ... continue reading


Shakeup at Walt Disney Parks -- information technology employees replaced by non-immigrant workers Watch

Image of Both Disneyland and Walt Disney World certainly were not the happiest places on Earth for many employees at the beginning of this year.

By Catholic Online (NEWS CONSORTIUM)

Both Disneyland and Walt Disney World certainly were not the happiest places on Earth for many employees at the beginning of this year. Multiple layoffs went around to many several information technology employees and were told their final day would be January ... continue reading


Apple can't seem to spend money fast enough as profits soar and cash reaches a staggering $194 billion Watch

Image of At Apple - the company can't seem to spend money fast enough.

By Catholic Online (NEWS CONSORTIUM)

Digital gadget maker Apple has ended the first calendar quarter with $33 billion in cash and short-term investments and $160.4 billion in long-term investments. Apple currently has $194 billion in cash and investments, more than any other non-financial company ... continue reading


Meet the billionaires who pledged to give up their fortunes to change the world Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

Through the "Giving Pledge," men and women belonging to the upper crust of the society, with billions of dollars in their name, commit to donating a large chunk of their fortune, whether through their lifetime or through their will. Coming from the majority of their ... continue reading


World's discarded electronic junk building up into massive toxic dump Watch

Image of Less than 16 percent of global e-waste is being diverted from landfill into recycling and reuse.

By Catholic Online (NEWS CONSORTIUM)

Television sets, washers and driers, stereos - broken, discarded, and then thrown away, are creating a massively toxic waste dump of gargantuan proportions. The irony in all this "e-waste" is the fact that precious metals such as gold and silver are also thrown ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Sirach 42:15-25
15 Next, I shall remind you of the works of the Lord, ... Read More

Psalm, Psalms 33:2-3, 4-5, 6-7, 8-9
2 Give thanks to Yahweh on the lyre, play for him on ... Read More

Gospel, Mark 10:46-52
46 They reached Jericho; and as he left Jericho with ... Read More

Saint of the Day

Saint of the Day for May 28th, 2015 Image

Bl. Margaret Pole
May 28: Martyr of England. She was born Margaret Plantagenet, the niece ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter