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|February 20, 2020|
ACSC: Highest gasoline prices in 4-years should decline
SOUTHLAND – (INT) – Motorists are feeling the worst pain at the pump in four years.
Gasoline prices have skyrocketed past the $4 a gallon mark, up by more than 30-cents in just 1-week to a statewide average of $4.15.
In the Riverside-San Bernardino area, 87 octane regular is pushing $4.16 or as much as 59-cents above the September average.
The Auto Club’s (ACSC) weekly Gas Watch reported that prices began increasing rapidly last month after Saudi Arabia oil production facilities were attacked, and the increases sharpened after three Los Angeles-area refineries slowed or halted production due to maintenance issues and no imported gasoline was available to make up for the shortfall.
"The good news is that wholesale gasoline prices have dropped sharply in recent days after refiners began selling off gasoline and there are indications that refinery production problems are ending,” said Auto Club spokesman Jeffrey Spring.
Local refineries have already cut back production of summer blend gasoline in anticipation of switching to selling the winter blend beginning November 1st.
Story Date: October 10, 2019