Jump in California gas prices leads stations to close doors, charge record prices
Tom Kloza, chief oil analyst at Oil Price Information Service, said he's heard of a few California station owners shutting their pumps rather than charging the $4.90 a gallon or more necessary to break even.
"Wholesale price increases lead to retail price increases," Kloza said. "But there is some restraint among companies who do not want to exercise their current pricing power and irritate their customers."
Some analysts think prices nationally will begin to decline soon but say California could see a longer spike given its unique fuel requirements.
"Nationally, I believe most prices will wobble to and fro for the next week or so, with an eventual slow but steady attrition in retail gas prices, particularly in the Midwest and Southeast," Kloza said. "California is a wild card."
Contributing to this report were AP Energy Writers Jonathan Fahey in New York and Sandy Shore in Denver, and AP writer Juliet Williams in Sacramento.
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This was crazy. I was there a few days ago and the gas prices were higher there than here. Then the next morning it had gone up even more. This is more than double it was 4 years ago. Why do we have to put up with this? Everything we buy now goes up More..
TO: "Hutterite, American Fork, UT"
I slightly agree that in the very short term, US President may not have so big impact to the price of national gas price, but, at the same time, in the real sense especially in the mid- or long- More..
First, the president, no matter whom the president is, has virtually nothing to do with it. Now then, oil will never be cheap again, never, unless the world economy virtually collapses. There just isn't enough left, and none of it is cheap to More..