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California Gas Price Hits Record $4.614 Per Gallon

Tyler Durden's picture




 

We have covered the great California gas rush in the past few days, and here is the confirmation. According to the AAA fuel gauge report, the average California gas price just hit an all time record of $4.614, and shows no sign of slowing down.

From LA Times:

California’s average gasoline price set a record Saturday of $4.614 for a gallon of regular, up 12.8 cents overnight – but anyone who filled up in the last few days probably isn’t surprised.

 

Gasoline prices skyrocketed after the Exxon Mobil refinery in Torrance was knocked offline Monday by a power outage. Other lingering refinery and pipeline problems also contributed to the soaring costs at the pump.

 

Several service stations are charging more than $5 a gallon for regular gasoline. Some have stopped selling gas because they don’t want to pay the high wholesale price, which reached a record Thursday but eased somewhat on Friday.

 

Saturday’s record, as measured by AAA’s daily fuel price survey, replaces the old record of $4.610 set in 2008. If it’s any comfort, and it probably isn’t, that's only a nominal record because when adjusted for inflation, the old record equals $4.93 in 2012 dollars.

 

Analysts say prices might begin leveling off next week as fuel traders digest the news that the Exxon refinery returned to service on Friday. But other refinery difficulties and maintenance could keep California’s prices significantly above those in other parts of the nation.

 

Around the state, Los Angeles drivers were paying an average $4.661, Orange County’s average was $4.650 and San Francisco was at $4.689.

We are about to find just how perfectly elastic gasoline prices are in a state in which people get in their cars to pick up their mail...

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Sat, 10/06/2012 - 13:45 | 2862962 Beam Me Up Scotty
Beam Me Up Scotty's picture

Team Obama could fake the BLS number yesterday, how are they going to fake this one?  You can't burn paper gasoline in your tank.  Whatever shall they do?

Sat, 10/06/2012 - 14:06 | 2863008 Oh regional Indian
Oh regional Indian's picture

Real tragedy is that super-efficient alternatives have existed for at least 6 decades. Current motor/mechanical-inefficieny is the crux of the problem, not the shortage/peaking of oil.

We have been or are made to look like really bad engineers by our "product designed" world.

ori

http://squareandc.net/vision.html

 

Sat, 10/06/2012 - 14:57 | 2863129 Skateboarder
Skateboarder's picture

Held hostage by a 100 year old technology. Yep, we're retarded alright.

On the plus side, I learned how to play and sing the best version of an old awesome drinking song.

https://www.youtube.com/watch?v=leVxwYdteJs

Drink up lads, it's gonna be a painful journey to $7/gal (where I think things will start to fall apart lol).

Sat, 10/06/2012 - 15:15 | 2863177 AldousHuxley
AldousHuxley's picture

Walk or bike bitches

 

  • lowers blood pressure
  • helps burn fat
  • less visits to the doctor and lower healthcare costs
  • makes you think twice about buying 6 dozen cases of beer/coke
  • relieves stress
  • natural and organic
  • free

 

On the other hand...in Europe most cars are manual and diesel with 40-50mpg.....

 

Technology is already here. Taxes are too high.

 

Sat, 10/06/2012 - 15:24 | 2863199 Skateboarder
Skateboarder's picture

Biking too much affects a man's groin negatively. Used to be a 30-mile a day in the hills kind of cyclist. Biking for commute is alright, but I don't think I can ever make it exercise again. I like having a working penis...

Sat, 10/06/2012 - 15:28 | 2863204 Bicycle Repairman
Bicycle Repairman's picture

Biking makes you gay. Look at the shorts. Err ... don't stare.

Sat, 10/06/2012 - 15:58 | 2863286 Skateboarder
Skateboarder's picture

Love or hate lycra, cycling jerseys are way cool.

Sat, 10/06/2012 - 16:01 | 2863292 Bicycle Repairman
Bicycle Repairman's picture

Uh .... OK, no need to start an argument over .... lycra.

Sat, 10/06/2012 - 15:55 | 2863205 Bicycle Repairman
Bicycle Repairman's picture

This space for rent.

Sat, 10/06/2012 - 15:36 | 2863238 Dugald
Dugald's picture

Ha you got it good, in Oz it swings between $5.85 and 6.75

Sat, 10/06/2012 - 18:49 | 2863598 DosZap
DosZap's picture

Held hostage by a 100 year old technology. Yep, we're retarded alright.

 

Wrong,held hostage by exporting 28% of our domestically produced GASOLINE, and the .goobs, total want to, and failure to open the gates to drilling, and tapping known reserves, and allowing exploration in others.

All part of the master plan, to BREAK the society's fiscal back................

There is ZERO  REAL reason for these prices, nada,zip,zilch.

 

Sat, 10/06/2012 - 22:56 | 2863913 CrashisOptimistic
CrashisOptimistic's picture

There are individual oil wells all over the US that have been producing oil for 50 years, and most of them are producing about 20% of the amount they produced 50 years ago.

What do you recommend be done about those wells?

Sat, 10/06/2012 - 14:56 | 2863132 SanOvaBeach
SanOvaBeach's picture

Got a old disel Benz that I converted to veg. oil. Bought it back in 08,07 when a barrel was just south of $150. Time 2 go to my friends resturant where I get all the free, filthy, used kitchen grease that is full of FF remains. Like mad scientists, we cook it all up in 55gal barrels and strain it w/ boot filters down to 10-20 microns. Then using aquariam pumps, put it into our old Benz's. We go to the local thrift store before we do it and buy one dollar shirts and pants. This process ruins clothes. When we are done, we throw the thrifty clothes away and drive nude back to our homes. The nude thing started as a dare. It is now a tradition.

We end up w/ about 100 gals. of refinded veggie oil.  Total cost if I pretend to pay my buddy and me Cali. minimum wage ($8.00 an hr.) 16x$8.00=$128.00   Since our 30year old Benz's have pre-ignition chambers,  we get 36+ MPH if we pretend there is an egg between our foot and the gas peddle when we drive.  Beats being a cry baby ZH'er pounding on a keyboard.  Thank you for sharing that with us.  Have a nice day!

Sat, 10/06/2012 - 15:22 | 2863194 AldousHuxley
AldousHuxley's picture

US Army M35 cargo truck......Multifuel engine runs on all kinds:

  • diesel fuel
  • jet fuel
  • kerosene
  • heating oil
  • used motor oil
  • gasoline

 

http://en.wikipedia.org/wiki/M35_2%C2%BD_ton_cargo_truck

Sat, 10/06/2012 - 15:29 | 2863211 SanOvaBeach
SanOvaBeach's picture

Another interesting option.  Would'nt bother me driving it.  In fact, I would love to pull up to a fancy resturant w/ my girl and watch the expressions on peoples faces when I have the Chauffer park the bitch..............

Sat, 10/06/2012 - 16:10 | 2863311 AldousHuxley
AldousHuxley's picture

Deuce And a Half

 

you can obtain year worth of free fuel from oil change places and haul it in the truck for self-suffiency

bullet proof metals...none of that plastic shit

 

Tell your date to take her shoes off and hold them high because it might get a little wet....

http://www.youtube.com/watch?v=Np-AxPUaotw

 

Also, you dont' need chauffer...just park it on the street

http://www.youtube.com/watch?v=mXc7Ckeywbc

Sat, 10/06/2012 - 16:52 | 2863395 SanOvaBeach
SanOvaBeach's picture

Your a classic...............

Sat, 10/06/2012 - 17:01 | 2863416 SanOvaBeach
SanOvaBeach's picture

I'm still into the park my car (barf: truck)" dud and I'll leave yea a big trip. "   The expressions on peoples faces is worth the tip!

Sat, 10/06/2012 - 15:26 | 2863203 SanOvaBeach
SanOvaBeach's picture

The Benz had 242,000 miles on it.  I paid $1,700.00 for it. It is a 300 SD, 5 cyl. disel.  I've put about $1,000 into it.  New tires, struts, coolant by-pass, etc.  Car now has 270,000 miles on it.  Runs like a champ.  Preventative maitenance is the ticket with any machinery.  I take care of the car and don't wait until something breaks to fix it like most people do.  The car has paid me big dividends.  Those Germans really know how to make good stuff.  The dash clock still runs a keeps perfect time.  Amazing!  How long do American dash clocks last 1-2 years, then they are toast.  I'll share this very easy technology w/ anyone that asks.  Actually, you don't need me.  There are many companies making conversion kits out there.  Just do a goggle  Doing this saves you the huge up-front costs of Hybrids and stupid electric cars called the Volt.

Sat, 10/06/2012 - 19:45 | 2863660 DumFarmer
DumFarmer's picture

Ive got 3. 83 tdt 83 sd and 85 sd all on wvo. Thru towel then home heating oil filter then into tank. Screw the oil men. Bring on $10 gas. Adapt or die.

Sun, 10/07/2012 - 00:00 | 2863987 sun tzu
sun tzu's picture

I doubt that 100 million people can find friends that own a restaurant. Where do you suggest they get their used cooking oil?

Get off your high horse. Nobody likes an arrogant asshole

Sun, 10/07/2012 - 14:44 | 2865317 SanOvaBeach
SanOvaBeach's picture

You're a stupid asshole!  Blow me, moron!

Sat, 10/06/2012 - 14:25 | 2863060 Silver Bug
Silver Bug's picture

Prices will be getting a lot higher before this is all over.

http://jimrickards.blogspot.ca/

Sat, 10/06/2012 - 16:35 | 2863352 AldousHuxley
AldousHuxley's picture

That's great

Sat, 10/06/2012 - 18:28 | 2863354 socalbeach
socalbeach's picture

Hope he's right.  It gets expensive having to pay my chauffeur minimum wage as the riff raff clog up traffic, to say nothing of my wasted time.  Plus I could use the added dividend income from my oil company holdings to help with the docking fees and maintenance on my new yacht.

Sat, 10/06/2012 - 21:48 | 2863820 Pool Shark
Pool Shark's picture

 

 

Gasoline is actually still pretty cheap when measured in real money:

http://www.youtube.com/watch?v=QPwZ-wQFFu8

Current price is only about $0.18/gallon:

http://www.coinflation.com/

Even cheaper than in 1964...

 

Sat, 10/06/2012 - 15:02 | 2863134 q99x2
q99x2's picture

Following the stock market back a ways, as best I've been able to tell, Republicans seem to favor oil companies and military. Democrats seem to be more in favor of banksters. And that also is resonable because military and oil compete for dollars with banksters. So, they are going to crank the price of gasoline to the sky before the elections. And the many wars also can be blamed on Obama.

Side Note: Why is there a fat T in the background of q99x2's symbol. Think Gobekli Tepe. Why are the two ellipsoids perfectly balanced one on top of the other in front of the fat T. Side note for another time.

Sun, 10/07/2012 - 00:03 | 2863990 sun tzu
sun tzu's picture

Gas was $1.89 when 0butthole was inaugerated. Seems like he's the one favoring oil companies when prices have tripled in 4 years

Either way, both sides favor the people who give them money

Sat, 10/06/2012 - 16:24 | 2863336 Randall Cabot
Randall Cabot's picture

The prices shot up because of a "power outage" which shouldn't have this much impact...unless there's something more to the story!!!

Sat, 10/06/2012 - 16:34 | 2863348 Randall Cabot
Randall Cabot's picture

First a fire, then a power outage that only shut down some production units. Something's fishy in Denmark.

"The immediate cause of the California price rise was a power failure at Exxon Mobil’s Torrance, Calif., refinery on Monday that shut down some production units at the 150,000-barrel-a-day facility. The company on Friday said the refinery had resumed normal operations. Supplies on the West Coast had already been tight because of an Aug. 6 fire at Chevron’s 245,000-barrel-a-day Richmond, Calif., refinery, which has still not been restored to full production."

 

 

 

 

http://www.nytimes.com/2012/10/06/business/energy-environment/high-gas-prices-in-california-have-drivers-scrambling.html?_r=1&   

Sat, 10/06/2012 - 17:05 | 2863424 max2205
max2205's picture

Yeah right after Obamaramaphone said he hates Exxon

Sat, 10/06/2012 - 17:05 | 2863425 max2205
max2205's picture

Yeah right after Obamaramaphone said he hates Exxon

Sat, 10/06/2012 - 22:49 | 2863909 dolce vita
dolce vita's picture

1. most populace  state

2. highest per capita income per state.

3. liberal retards wont qestion authority.

4. NWO to test rapid inflation here for all  U.S.

5. will they revolt or just pay up like the dull pukes that they are?

 

Sat, 10/06/2012 - 13:49 | 2862970 Towhog
Towhog's picture

This is a test to see how people respond to $5.00 p/gln gas.

Shortage of refinery cacpacity at present more crucial to fuel supply than crude.  With this tool in hand the despots can turn it on and off like water at kitchen sink.

Look like a hero when supply back up.

Sat, 10/06/2012 - 13:56 | 2862985 CoolBeans
CoolBeans's picture

Cue L.A. riots in 3-2-1...

Well, maybe not until food supplies follow suit.

Sat, 10/06/2012 - 14:31 | 2863072 Towhog
Towhog's picture

It will be Bush's fault

Sat, 10/06/2012 - 15:00 | 2863143 Buckaroo Banzai
Buckaroo Banzai's picture

Anybody who suggests otherwise is RAYCESSS!

Sat, 10/06/2012 - 15:25 | 2863200 AldousHuxley
AldousHuxley's picture

that's why they let half black guy in the white house.....

 

so blacks think everything is alllllright.

Sat, 10/06/2012 - 15:08 | 2863155 Verga Biendura
Verga Biendura's picture

and you think Bush really gives a shit what you think?

Sat, 10/06/2012 - 18:08 | 2863527 Randall Cabot
Randall Cabot's picture

The Mexicans will get their gas!

Sat, 10/06/2012 - 16:59 | 2863410 GMadScientist
GMadScientist's picture

No, you're thinking of the summer of 2008. IIRC, it ended with truckers parked on the side of the freeway because it was more economical than hauling.

 

Sat, 10/06/2012 - 13:56 | 2862984 aleph0
aleph0's picture

$4.61 = EUR 3.54
1US Gallon = 3.785 Litres

 $4.61  / Gallon = EUR 0.93 / Litre.

In Europe ( Germany ) we pay EUR 1.70 / Litre = $8.43 / Gallon

Over half of it is Tax of course !

FWIW

 

Sat, 10/06/2012 - 14:30 | 2863068 Racer
Racer's picture

Sigh, yeah, oh for the long long long ago days of petrol or diesel as cheap as only

$4.614 Per Gallon

 

but of course it is only another way to tax your income that is already taxed before you buy fuel that is extremely heavily taxed yet again. So people are slaves because they spend a lot of their time working just to pay tax, so in effect working for nothing

Sat, 10/06/2012 - 14:42 | 2863105 aleph0
aleph0's picture

 

 

 

BINGO :  "so in effect working for nothing"

Sat, 10/06/2012 - 15:46 | 2863259 AldousHuxley
AldousHuxley's picture

business gets to expense fuel costs and write it off of taxes

 

51 cents per mile

 

 

sheeple pay the price + taxes on fuel + road taxes + insurance + car depreciation....alll to be able to go to work.

Sun, 10/07/2012 - 00:06 | 2863996 sun tzu
sun tzu's picture

they don't write it off taxes. please take a basic accounting course

GR - CGS - EX = NI

Sat, 10/06/2012 - 14:46 | 2863110 DavidC
DavidC's picture

Just done a quick calculation for the UK at £1.39 per litre, comes out at $8.487 per US gallon.

DavidC

Sat, 10/06/2012 - 15:15 | 2863174 MiltonFriedmans...
MiltonFriedmansNightmare's picture

US petrodollar at work.

Sun, 10/07/2012 - 00:07 | 2863998 sun tzu
sun tzu's picture

you euros always seem proud of getting assraped for fuel

Sat, 10/06/2012 - 19:00 | 2863611 Kiwi Pete
Kiwi Pete's picture

In NZ we pay NZD2.19 / Litre = NZD8.29 / Gallon @ 0.83 = USD6.88 / Gallon

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