Sunday, February 10, 2013

Gasoline Prices increase to $4 per gallon in California

by Bill McBride on 2/10/2013 02:43:00 PM

The roller coaster ride for gasoline prices continues ...

From the Daily Democrat: Gas prices hit $4 in California

Gas prices are above or near an average of $4 a gallon statewide, and are already well over that dreaded mark in Southern California. showed gas selling for $4.01 on Thursday, while the AAA listed the state average at $3.99 -- a jump of three cents from Wednesday, 22 cents from a week ago and 37 cents from last month.

... the record of $4.67 was reached on Oct. 9 [2012] ...

The skyrocketing prices could level off in a week or so, then ease for a few months before beginning their usual climb before Memorial Day.

"My forecast is for gasoline prices in California to level off, then go back down before Valentine's Day to an average of $3.90 per gallon," analyst Bob van der Valk said. "The good news is refineries are going to get back online in the next six weeks and gasoline prices will level off and perhaps go back down below $4 per gallon."
Below is a graph from for nationwide gasoline prices. Nationally prices are up over 30 cents per gallon from the low in January, and up sharply over the last two weeks.

If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by