L.A. gas prices jump 7 cents in one day

This rapid-fire increase can't last, but it's painful to watch. Latest numbers from the Auto Club show that an average gallon of regular is $4.186, up nearly a quarter from last week and 44 cents higher than last month. From the release:

"Gas prices were already jumping by two to three cents a day when on Friday one of California's major out-of-state gas suppliers, a Washington refinery, caught fire and will be shut down for at least a few weeks," said Auto Club spokesperson Jeffrey Spring. "That news sent prices soaring even more quickly and prices are now within 10 to 20 cents of the high point for 2011 prices reached last May."

Oil prices were up sharply today, with NY crude futures trading at $107.83 a barrel, up $1.55, and brent crude - often cited as the more accurate measure of fuel prices - running at $123.62 a barrel. Some of the increase is due to the continued standoff with Iran (traders factor those concerns in the price). Unfortunately, the traditional demand/supply gauges don't work very well because there are so many other variables to consider - stuff like global demand and refinery capacity. Actually, U.S. oil inventories were up last week. That's just it - lower U.S. demand is not causing the price to drop.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Economy stories:
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Exit interview with Port of L.A.'s executive director
L.A. developers relying on foreign investors bend a few rules
Holiday shopping: On your marks, get set... spend!

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook