The average price of a gallon of self-serve regular gasoline in the Inland Empire recorded what is believed to be its largest single-day increase today, rising 18.1 cents to $4.479, its highest amount since July 19, 2008.
The average price in Riverside and San Bernardino counties has risen for
seven consecutive days, including 9 cents on Thursday and 4.4 cents on
Wednesday, and is now 37.2 cents more than one week ago, 33.3 cents higher than one month ago and 67.2 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service.
The record price is $4.614, set on June 22, 2008.
"Reportedly in recent weeks, local refineries were dropping production
levels, exporting supply to Mexico and other countries, and allowing inventory
to dwindle in anticipation of switching over to production of winter blend
gasoline, then a refinery power outage and a pipeline incident occurred on
Monday that sent wholesale markets into a panic about the adequacy of
California fuel supplies,'' said Jeffrey Spring of the Automobile Club of
Spring said "it's not clear'' how much higher prices will go.
"A lot depends on whether the perceived supply issues are quickly
addressed,'' he said.
For the most up-to-date information on the rocketing prices in Palm Desert, click on our commute tab, under "more stuff", at the top of our page.