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Instead of a nearly 20 cent-per-gallon jump between Thursday and Friday, Socal prices rose only 12 cents between Friday and Saturday, according to the Auto Club. So we've gone from over-the-top lunacy to just plain nuttiness. An average gallon of regular is running a record $4.661, though in many parts of L.A. prices are well over $5. A week ago, the price was $4.15. The good news is that Exxon Mobil's 149,500-barrel-a-day refinery in Torrance is returning to normal operations after being shut down much of the week by a power shortage. Also, the wholesale price of gasoline fell 7 percent on Friday after jumping more than 20 percent earlier in the week. Further price drops are likely, and it should become noticeable at the pump within a few days.
*Sunday's average price is $4.696, up only 3.5 cents a gallon from Saturday and further indication that prices are about to peak out.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.