Gasoline Price Skyrockets, Approaches Record

The average price of a gallon of self-serve regular gasoline in the Inland Empire recorded its largest single-day increase today, rising 18.1 cents to $4.479, its highest amount since July 19, 2008.

The average price in Riverside and San Bernardino counties has risen for seven consecutive days, including 9 cents on Thursday and 4.4 cents on Wednesday, and is now 37.2 cents more than one week ago, 33.3 cents higher than one month ago and 67.2 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service.

The record price is $4.614, set on June 22, 2008.

"Reportedly in recent weeks, local refineries were dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline, then a refinery power outage and a pipeline incident occurred on Monday that sent wholesale markets into a panic about the adequacy of California fuel supplies," said Jeffrey Spring of the Automobile Club of Southern California.

Spring said "it's not clear" how much higher prices will go.

"A lot depends on whether the perceived supply issues are quickly addressed," he said.