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Gas Jitters Hit California

By Joe Benton
ConsumerAffairs.com

March 8, 2007
Gasoline price jitters have hit California, with the cost of a gallon of regular self serve jumping above $3 a gallon in some parts of the state. The average price of a gallon of regular self serve is now $2.50 in the rest of the country.

Crude oil, which makes up about half the price of gasoline, is once again trading above $60 a barrel. Higher demand, refinery maintenance and fears about springtime shortages may also be driving up prices.

Average gasoline prices are above $2 in all 50 states but are highest in California where the average price of a gallon of regular gasoline now sits at $2.96 across the state. Extensive maintenance work at West Coast refineries is having a particularly severe impact in California curtailing supplies and exacerbating jitters about tight supplies.

Oil industry analysts suggest the possibility that other parts of the country will see $3 gasoline before summer without a major disruption in supply is fairly small.

Average fuel prices are still below their historic high but are inching higher earlier this year than in 2006 when prices set new records.

One month ago the average price stood at $2.18 in the U.S. and one year ago regular self serve average $2.34 throughout the country.

The most expensive gallon of regular gasoline is now found in San Francisco for $3.35. The least expensive gallon of regular self serve is found in Quitman, Georgia for $1.93.

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