Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/8/2012 (1 year 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 (1 year 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'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More Business & Economics

400 wealthiest Americans now worth cumulative $2.3 TRILLION Watch

Image of Facebook founder Mark Zuckerberg has finally cracked America's most wealthy top ten at tenth place.

By Catholic Online (NEWS CONSORTIUM)

The rich, indeed get richer -- America's wealthiest are worth more than ever before. The United States' top 400 billionaires are now worth a dazzling $2.3 trillion, according to the latest edition of the Forbes 400. LOS ANGELES, CA (Catholic Online) - It comes ... continue reading


Record debt coupled with slow growth point to economic crisis, Geneva Report says Watch

Image of The Geneva Report says the rapid rise of public sector debt in rich countries and private debt in emerging markets, especially China, may lead to0 fresh economic crisis.

By Catholic Online (NEWS CONSORTIUM)

Record debt and slowing economic growth suggest the global economy could be heading for another crisis, the 16th annual Geneva Report warns. Commissioned by the International Center for Monetary and Banking Studies, the report predicts interest rates across the ... continue reading


Walmart to enter banking world with low-cost checking accounts Watch

Image of Walmart has been eying financial services for some time now.

By Catholic Online (NEWS CONSORTIUM)

Walmart is making its biggest venture into the banking world after several failed attempts in the past. The nation's largest retailer is joining Green Dot, already known for its prepaid payment cards, to supply checking accounts to nearly everyone over 18 years ... continue reading


The Chinese are coming! E-commerce giant Alibaba cleans house with its initial public offering Watch

Image of Chinese e-commerce giant Alibaba has raised more than $21 billion with its IPO, with stocks priced at $68 per share, signaling a strong demand for the tech-giant.

By Catholic Online (NEWS CONSORTIUM)

The Chinese e-commerce giant Alibaba has made the largest U.S.-listed initial public offering (IPO) of all time, with stocks priced at $68 per share, signaling a strong demand. LOS ANGELES, CA (Catholic Online) - Only large investors, like hedge funds, can ... continue reading


Bottom of the Barrel - Thanks to business tax, the U.S. is Number 32 in the world Watch

Image of A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high

By Catholic Online (NEWS CONSORTIUM)

A new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. So says the Wall Street Journal, the nation's leading journal on business. The White House and Sen. Charles Schumer (D., N.Y.) will attempt ... continue reading


Unemployment rate for black Americans at 11.4 percent, more than double the rate for whites Watch

Image of There remains a wide disparity in employment in the United States, in spite of efforts to close this broadening gap.

By Catholic Online - (NEWS CONSORTIUM)

There remains a wide disparity in employment in the United States, in spite of efforts to close this broadening gap. Figures show that while unemployment nationwide is 6.1 percent, the unemployment rate for black Americans at 11.4 percent. LOS ANGELES, CA ... continue reading


A record 92,269,000 Americans jobless for month of August Watch

Image of So - there you have it: Things are STILL tough all over.

By Catholic Online - (NEWS CONSORTIUM)

It never went away, come rain or come shine form the past hot summer months . Many Americans remain idle and without work. According to the Bureau of Labor Statistics, a record 92,269,000 Americans 16 years of age and older didn't participate in the labor force ... continue reading


We owe HOW MUCH? New report reveals U.S. government owes $6 trillion to foreign entities Watch

Image of Foreign interests, including nations and businesses, own more than $6 trillion of U.S. government debt.

By Catholic Online (NEWS CONSORTIUM)

Foreign interests now own more than $6 trillion in U.S. government debt, a recent Treasury Department report on major foreign debt holders revealed. LOS ANGELES, CA (Catholic Online) - As of the end of June 2014, foreign-held debt totaled $6,013,200,000,000 in U.S. ... continue reading


Are you ready? Economic analysts predict bear market by end of 2014 Watch

Image of Economic analysts are predicting a significant drop in the market, which may be as high as 60%.

By Catholic Online (NEWS CONSORTIUM)

Two financial experts announced on August 27 that markets may face a fall of up to 60% by the end of 2014. LOS ANGELES, CA (Catholic Online) - David Tice, the president of Tice Capital and founder of the Prudent Bear Fund, reported that a jolt to international ... continue reading


Oh really Obama? President claims economic success while population dependent on food stamps hit all time high Watch

Image of The number of Americans on food stamps has not decreased since 2011, despite claims from President Obama that the U.S. economy has recovered under his policies.

By Catholic Online (NEWS CONSORTIUM)

Democrats are facing a tough midterm election, and with less than three months to go the party is scrambling to prop up the image of the U.S. economy in the minds of disgruntled voters. LOS ANGELES, CA (Catholic Online) - Yet one of the quickest shorthand ... 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, Exodus 23:20-23
20 'Look, I am sending an angel to precede you, to ... Read More

Psalm, Psalms 91:1-2, 3-4, 5-6, 10-11
1 You who live in the secret place of Elyon, spend ... Read More

Gospel, Matthew 18:1-5, 10
1 At this time the disciples came to Jesus and said, ... Read More

Saint of the Day

Saint of the Day for October 2nd, 2014 Image

St. Leger
October 2: Leger was raised at the court of King Clotaire II and by his ... 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