@golguin: California has seen a mix of both refinery issues and transmission problems. Recently, a major power outage at one of California's biggest refineries led to a week-long shortage in the state, and that has caused this most recent spike. You should see prices level off, as the refinery is back in full form; it just takes a week or so for the market to feel that.
Also, this is further hampered by California's anti-pollution laws which require a specific mix of gas during the months of April to October. This mix requires a more consistent supply, and right now, the volatile market has led to problems in getting the right amounts for the blend. This means that there is generally lower supply that can go out to pumps than is actually available. So, expect to see further issues until November when prices should return to $4.00 or below if the market doesn't see any more large spikes in costs.
Hang in there. The $4.65 - $5.00 will probably tick up a bit in the next few days, but you'll see relief within the next two weeks. You may still have above $4.00 gas until November, but your area may also see prices come down below that if the market cools down a bit and volatility is less of an issue in the state. California is just facing a particularly rough time at the moment, as the inventory is simply not keeping up. It's an unusual situation, and hopefully they will be better prepared for when any similar issues arise next year.
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