I feel bad for you guys on the west coast
10-08-2012 | 10:33 AM
#1
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From: Upstate NY
Vehicle: 2010 Genesis 2.0T
I feel bad for you guys on the west coast
http://money.cnn.com/2012/10/08/news...html?hpt=hp_t3
California gas prices hit record
NEW YORK (CNNMoney) -- Gas prices across California have soared to record highs, shooting up 50 cents a gallon in just the last week.
But even as prices are expected to rise slightly higher in California before falling, the West Coat price spike is not likely to spread to other parts of the country, experts say.
The average price of a gallon of regular gas in California hit $4.67 a gallon on Monday, according to AAA. It stood at $4.17 on Oct. 1 but has risen every day since then. The worst was a 17-cent spike on Friday, followed the next day by a 13-cent increase.
On Sunday, California environmental regulators, acting on a request from Gov. Jerry Brown, agreed to allow refineries to start making a cheaper, winter blend of gasoline as soon as possible -- a move that could solve shortages of the more expensive summer blend that sparked the price spike.
Normally, refineries wouldn't start making the winter blend until the end of October.
Most of the country makes the transition from the cleaner summer blends of gasoline to the cheaper winter blends on September 15. California, with warmer average temperatures and the nation's strictest air pollution rules, makes the transition six weeks later.
The cleaner gasoline is used in the summer to mitigate against the smog that accompanies warmer temperatures.
The switchover can often cause shortages of the summer blend and a temporary rise in prices. Refineries and stations don't want to have an inventory of the more expensive gas when it is time to start selling the cheaper gas.
Refining capacity is also an issue. Tom Kloza, chief analyst at the Oil Price Information Service, which compiles prices for AAA, said a major refinery in Richmond, Calif., owned by Chevron (CVX, Fortune 500), still hasn't returned to operation since an August fire.
More recently, California refineries owned by Tesoro (TSO, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were also off line for maintenance, although the Exxon refinery came back on Friday, while Gov. Brown said the Tesoro refinery is due back in operation this week.
But Kloza said supplies are so tight that those latest disruptions caused wholesale gas prices to spike by $1.12 a gallon to $4.15 a gallon between Sept. 25 and Oct. 4.
He said the wholesale prices have already started to fall, dropping 47 cents on Friday and about 38 cents more in early trading Monday.
"I don't want to say the coast is clear but there is a light at the end of the tunnel," Kloza said. California retail prices are likely to top out at about $4.75 a gallon and then start to decline, he said.
The spike in California comes while gas and oil prices have remained relatively stable in the rest of the country. The national average for a gallon of regular gas has kept to a narrow range of between $3.78 and $3.82 during the last week. To top of page
NEW YORK (CNNMoney) -- Gas prices across California have soared to record highs, shooting up 50 cents a gallon in just the last week.
But even as prices are expected to rise slightly higher in California before falling, the West Coat price spike is not likely to spread to other parts of the country, experts say.
The average price of a gallon of regular gas in California hit $4.67 a gallon on Monday, according to AAA. It stood at $4.17 on Oct. 1 but has risen every day since then. The worst was a 17-cent spike on Friday, followed the next day by a 13-cent increase.
On Sunday, California environmental regulators, acting on a request from Gov. Jerry Brown, agreed to allow refineries to start making a cheaper, winter blend of gasoline as soon as possible -- a move that could solve shortages of the more expensive summer blend that sparked the price spike.
Normally, refineries wouldn't start making the winter blend until the end of October.
Most of the country makes the transition from the cleaner summer blends of gasoline to the cheaper winter blends on September 15. California, with warmer average temperatures and the nation's strictest air pollution rules, makes the transition six weeks later.
The cleaner gasoline is used in the summer to mitigate against the smog that accompanies warmer temperatures.
The switchover can often cause shortages of the summer blend and a temporary rise in prices. Refineries and stations don't want to have an inventory of the more expensive gas when it is time to start selling the cheaper gas.
Refining capacity is also an issue. Tom Kloza, chief analyst at the Oil Price Information Service, which compiles prices for AAA, said a major refinery in Richmond, Calif., owned by Chevron (CVX, Fortune 500), still hasn't returned to operation since an August fire.
More recently, California refineries owned by Tesoro (TSO, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were also off line for maintenance, although the Exxon refinery came back on Friday, while Gov. Brown said the Tesoro refinery is due back in operation this week.
But Kloza said supplies are so tight that those latest disruptions caused wholesale gas prices to spike by $1.12 a gallon to $4.15 a gallon between Sept. 25 and Oct. 4.
He said the wholesale prices have already started to fall, dropping 47 cents on Friday and about 38 cents more in early trading Monday.
"I don't want to say the coast is clear but there is a light at the end of the tunnel," Kloza said. California retail prices are likely to top out at about $4.75 a gallon and then start to decline, he said.
The spike in California comes while gas and oil prices have remained relatively stable in the rest of the country. The national average for a gallon of regular gas has kept to a narrow range of between $3.78 and $3.82 during the last week. To top of page
10-08-2012 | 10:40 AM
#2
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From: ɯooɹpǝq ɹnoʎ
Vehicle: ǝdnoɔ sısǝuǝƃ
http://www.marketwatch.com/story/10-...8?pagenumber=7
Tennessee - 4th lowest gas prices in the country.
4. Tennessee
Regular gas price per gallon: $3.53
Tax per gallon: 21.4 cents (15th lowest)
Number of operating refineries: 1
As of the second quarter of this year, no state was cheaper to live in than Tennessee. One major reason for the state’s low relative cost of living was its low transportation costs, despite starting 2012 with four consecutive months of gas price increases. Although the state has just one refinery, the price of gas is 24 cents per gallon below the national average price. In the past month, gas prices in Tennessee have fallen by 12 cents a gallon, one of the largest decreases in the country.
Tennessee - 4th lowest gas prices in the country.
4. Tennessee
Regular gas price per gallon: $3.53
Tax per gallon: 21.4 cents (15th lowest)
Number of operating refineries: 1
As of the second quarter of this year, no state was cheaper to live in than Tennessee. One major reason for the state’s low relative cost of living was its low transportation costs, despite starting 2012 with four consecutive months of gas price increases. Although the state has just one refinery, the price of gas is 24 cents per gallon below the national average price. In the past month, gas prices in Tennessee have fallen by 12 cents a gallon, one of the largest decreases in the country.
10-08-2012 | 10:48 AM
#3
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Joined: Jul 2008
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From: New Jersey
Vehicle: 2000 Hyundai Tiburon
With gasoline prices setting new records every day, the only state in the country where the average price for gas is still under $3 a gallon is New Jersey.
Oddly, it's one of only two states that require all its service stations to pump the gas for you.
http://money.cnn.com/2007/05/22/news...vice/index.htm
Oddly, it's one of only two states that require all its service stations to pump the gas for you.
http://money.cnn.com/2007/05/22/news...vice/index.htm
10-08-2012 | 11:08 AM
#4
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From: Bayarea, CA.
Vehicle: 1999/hyundai/tiburon
Since I live on the west coast in the BayArea! Yes, it sucks. The price for gas seem to have jumped ever since Exxon gas had a power outage at there plant in LA and when the Chevron plant in Livermore, CA. had an explosion from some faulty gas line they never repair years ago. We CALI people are feeling it in the pockets!
10-08-2012 | 11:16 AM
#6
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From: New Jersey
Vehicle: 2000 Hyundai Tiburon
[#10171] You do not have permission to view this attachment.
This may be an old article, but the point holds true. NJ consistently has the cheapest gas in the nation.
There are no other positive aspects of living here.....
10-08-2012 | 05:19 PM
#8
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From: Churubusco, IN
Vehicle: 84 VW Rabbit, 01 Audi A8L, 08 VW GTI
wait a sec, a 50 cent increase over 1 week? ive seen a 40 cent increse in ONE day here in Fort Wayne, it SUCKS then it goes down about 10 cents a week, for 2 weeks then shoots up another 30 cents. its getting ridiculous
10-09-2012 | 11:44 AM
#10
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Joined: Aug 2012
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From: Utah
Vehicle: 2001 Hyundai Tiburon
Yeah, gas prices shot up a huge amount. Freaking Kalifornia. But then again, I do get paid 27% of my salary as cost of living in my federal government job (where other places are 10-15%). So that does make up for the higher cost of living here I guess.
It still feels like we're getting fisted though...
It still feels like we're getting fisted though...