Experts Optimistic as Los Angeles Fuel Prices Climb 19 Cents Overnight

The fuel price spikes come after a dramatic increase in wholesale prices for fuel

View Comments (
)
|
Email
|
Print

    NEWSLETTERS

    Patrick Dehaan, of GasBuddy.com, explains why gas prices suddenly spiked in California and predicts when motorists may start to feel some relief at the pump. Patrick Healy reports from North Hollywood for the NBC4 News at 6 p.m. on Oct. 05, 2012.

    Gas prices in California skyrocketed overnight in some areas, jumping 19 cents per gallon to $4.54 in Los Angeles, and prompting motorists to wait in lines a dozen cars deep to fill up their tanks.

    But experts who track fuel costs believe the suddent spike in fuel price is temporary.

    Lines For Gas Spill Out of Station Parking Lots

    [LA] Lines For Gas Spill Out of Station Parking Lots
    Soaring gas prices drew throngs of Los Angeles motorists to discount stations, like the Costco in Burbank. There, delivery worker Luis Ponce says an 8,000-gallon delivery was made about 30 minutes before he was called into refill the pumps. Craig Fiegener reports for the NBC4 News at 11 p.m. on Oct. 5, 2012.

    "Perhas Sunday we’ll start to see prices stabilize and then early to mid-next week we might see prices fall," said Patrick DeHaan, senior analyst for GasBuddy.com.

    Neighborhood Prices: LA Fuel Search

    Rising Gas Prices Hit Family-Owned Stations Hardest

    [LA] Rising Gas Prices Hit Family-Owned Stations Hardest
    Independent gas stations are struggling to stay open because they can’t afford the gas, which has grown some 20 cents overnight across Southern California. The cost of a gallon of fuel is up one dollar from last week at Weis Fuel in Riverside and the owner says he cannot afford another fuel shipment. Jacob Rascon reports from Riverside for the NBC4 News at 6 p.m. on Oct. 5, 2012.

    Still, the staggeringly high prices posted at local gas stations induced panic-buying among many Angeleno motorists.

    The figures from AAA's Daily Fuel Gauge report show the average price of a gallon of fuel across the state at $4.49 per gallon. That's the highest in the country.

    Gas Prices Rising: "I Don't Know How Long We Can Go Like This"

    [LA] Gas Prices Rising: "I Don't Know How Long We Can Go Like This"
    Gas prices in California continued to soar Friday with the price of fuel up 20 cents per gallon in some areas. According to AAA's Fuel Gauge Report, the average price for a gallon of regular is $4.49 in the state, up 18 cents from Thursday. The sudden increase in prices has caught Southern Californians off guard. Angie Crouch reports from Downtown Los Angeles for the NBC4 News at 5 p.m. on Oct. 5, 2012.

    The price of $4.539 for a gallon of regular in Los Angeles is the highest since July 12, 2008. In Ventura, the price for a gallon of regular jumped 20 cents from Thursday -- $4.33 to $4.53.

    One week ago, the average price for a gallon of regular fuel in Los Angeles was $4.14. One year ago, the average price was $3.82.

    Why SoCal Gas Prices Suddenly Spiked

    [LA] Why SoCal Gas Prices Suddenly Spiked
    Southern California gas prices went up nine cents overnight to mark the biggest overnight hike this year. The dramatic increase happened as a result of the wholesale cost of fuel and panic-buying among gas station owners. Stephanie Elam reports from Marina Del Rey for the NBC4 News at 5 p.m. on Oct. 4, 2012.

    Several mishaps at California refineries have been blamed, in part, for the sudden spike, coupled with California's unique demands.

    "Things have been pretty tight in California, of course no thanks to the very strict emissions laws," DeHaan said.

    Gas Prices Skyrocket

    [LA] Gas Prices Skyrocket
    Gas prices increased $.08 overnight, the highest single day price increase for gasoline in history. Some drivers in areas like Calabasas are paying close to $6 per gallon. Janet Kwak reports for the NBC4 News at 11 p.m. on Friday, Oct. 4, 2012.

    The Golden State's emissions laws, which require a special blend of seasonal gasolines be used to curb smog, have helped improve air quality. But they also reduce options when production is interrupted.

    "When California faces a supply issue, no one can really run to help," Dehaan said.

    As a woman waited in line to fill up at the Burbank Costco, her tank went empty. Four Costco employees pushed her sport utility vehicle to the pump.

    Luis Ponce says that Costco received an 8,000-gallon delivery about 30 minutes before he was called in to refill the pumps.

    In Calabasas, the price at one station for a gallon of regular was at $5.69.

    "I'm not going to pay $5.69 for gas," a driver who stopped at the station told NBC4 early Friday. "Hopefully, I don't have to pay $5.69 when I go down the street."

    Some drivers were lining up at stations that had comparatively cheaper gas. At a Costco on Paxton Street in Pacoima, dozens of cars waited in a line that spilled onto the street Friday afternoon.

    In San Francisco, a gallon of regular gas is nearly $4.60 after Thursday's average of $4.43. In San Diego, the price for a gallon of regular rose from nearly $4.33 to $4.52 overnight.

    The highest recorded average price for a gallon of regular fuel in California was $4.61 in June 2008. The average price for a gallon of regular fuel one year ago in California was $3.818.

    The price spikes come after a dramatic increase in wholesale prices for fuel.

    Follow NBCLA for the latest LA news, events and entertainment: iPhone/iPad App | Facebook | Twitter | Google+ | Instagram | RSS | Text Alerts | Email Alerts