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California gasoline prices jump 17 cents a gallon overnight
SAN FRANCISCO |
SAN FRANCISCO Oct 5 (Reuters) - California gas prices rose 17 cents a gallon overnight due to supply disruptions at some refineries and seasonally low inventories, bringing the one-week increase in the Golden State to nearly 36 cents.
The average retail price of gasoline was $4.486 on Friday morning, up from $4.315 on Thursday and $4.131 a week ago, according to AAA data. The average price was $3.818 a year ago.
The average price is just 12 cents below the highest recorded statewide price of $4.61, which was reached in June of 2008.
"It's insane," said Matt Hurd, 35, who works in real estate. "Especially with this thing," he added, motioning toward his white SUV. "It's going to cost triple digits to fill it up."
In recent weeks, California refineries have dropped production in anticipation of switching over to a "winter blend" of gasoline next month.
At the same time, a power outage at Exxon Mobil Corp's Torrance, California refinery on Monday and a shutdown of the crude distillation unit at Chevron Corp's Richmond, California refinery contributed to the tight supplies.
Phillips 66 also said a planned maintenance was underway at its 120,200 barrel-per-day (bpd) San Francisco-area Rodeo refinery.
Chevron said a pipeline that carries crude oil from the state's Central Valley to refineries in the San Francisco Bay area has been closed since mid-September.
In the Los Angeles area on Friday, the average price climbed 19 cents to $4.539 from $4.347 a day earlier. In San Francisco, prices climbed 16 cents overnight to $4.596.
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