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|February 27, 2021|
Gasoline no longer a pandemic ‘bargain’
SOUTHLAND – (INT) – Southern California motorists are suddenly paying the highest gasoline prices since the pandemic struck last March touching off a recession.
Pump prices have been steadily rising for nine straight weeks and now average – statewide - $3.50 for a gallon of 87 octane regular. That compares to $3.49 in the Riverside area.
Fueling the rising prices are two factors: a tightening gasoline supply from Southland refineries and soaring crude oil prices. Crude was rising even before the polar vortex struck deep into the nation’s mid-section. Bloomberg reported that U.S. oil production is now 3.5 million barrels per day lower than it was before the cold snap hit, marking the largest ever production decline in history.
The Automobile Club of Southern California warns to be ready for still higher prices in the coming days.
Story Date: February 18, 2021