“The spot market is the point at which gasoline first trades,” Hackett said. “And if there is an unplanned outage — and this was clearly unplanned — then people get nervous and make sure they’ve got coverage for their contracts and go into the spot market to start buying. And when they start buying, of course the prices go up.”
How long it will take for the expected price bump to dissipate will depend on how quickly the damaged area of the refinery gets back up and running, Hackett said. “Generally, prices go up faster than they come down,” Hackett said. “That’s because retailers want to make sure they’re not losing money while the prices go up quickly. And then when the spot market comes down, [retailers are] oftentimes reluctant to go down.”
Even before the fire, gasoline prices have been creeping up — not just in California but across the country — as oil prices have risen in recent weeks.was $42.53Promises of cooperation between Russia and the Organization of Petroleum Exporting Countries, or OPEC, to try to reduce production have also put upward pressure on crude prices. So have collapsing production numbers in Venezuela, where the state-run oil company has cratered., the average price of regular gasoline in the U.S.
In California, the average price went up 4 cents a gallon to $3.264. A year earlier, the California average was 16 cents a gallon higher.— passed in 2017 by the Legislature and signed into law by then-Gov. Jerry Brown — will go into effect.
Why should consumer pay bkuz yall screwed up.didnt the tax payer fire department put the fuckin fire out any loss the refinery suffered should come out of the refinerys pockeks.
I didn't know Los Angeles needed a reason to raise gas prices? They are sucking the low and middle class dry with taxes alone!!
10 cents? Try 40 cents overnight!!
Hold on a minute I didn’t realize it was refinery fire time already...next month you’re going to tell me “summer blend” is coming on line, right?
Right on cue
That was quick. Wondered why it had jumped by 10 cents this morning compared to yesterday.
.25 it's up!!!
The Annual BBQ Fundraiser
to cut down on L A traffic. raise gas to ten dollars a gallon.
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