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Gas prices averaging more than $4 a gallon

Posted: August 14, 2012 6:12 p.m.
Updated: August 14, 2012 6:12 p.m.
 

 

Drivers in the Santa Clarita Valley were paying about 18 cents more a gallon for regular unleaded gasoline on Tuesday than they were a week ago as crude and ethanol prices increase.

The price increase is also being blamed on a refinery fire in Northern California that curtailed the output of gasoline that meets California environmental standards.

On Tuesday afternoon, gas prices in the Santa Clarita Valley averaged $4.08 a gallon for regular unleaded — an 18-cent price jump from one week before, according to gasoline price-tracking website gasbuddy.com. Prices for regular unleaded have increased 35 cents a gallon in the past two weeks.

The lowest price for regular unleaded gasoline Tuesday afternoon was $3.93 a gallon at two membership-only stations in the Santa Clarita Valley, according to gasbuddy.com. The highest price for regular unleaded gas was $4.19 a gallon.

Gas prices throughout the state rose about 23 cents since last week to about $4.10 a gallon for regular unleaded gas, according to information from the U.S. Energy Information Administration.

Nationally, prices rose about eight cents since last week to $3.72 a gallon, according to the U.S. Energy Information Administration.

A combination of factors are leading to the increase in gas prices in California, including increased crude and ethanol prices and a fire at a large California refinery that produces up to 16 percent of the state’s special blend of fuel.

However, the price increase may only be temporary as refineries switch to producing cheaper winter blends as summer ends, said gasbuddy.com Senior Petroleum Analyst Patrick DeHaan in a prepared statement.

“While oil prices have gained in recent days, there is some light at the end of the tunnel for motorists; driving season will be over in less than a month and soon thereafter the (Environmental Protection Agency) also relaxes gasoline mandates, meaning cheaper winter fuel,” DeHaan said.

The Associated Press contributed to this report.

kjonas@the-signal.com
661-287-5517

 

 

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