Gasoline prices spike on U.S. west coast

Aug. 9, 2012 at 7:28 AM

SAN FRANCISCO, Aug. 9 (UPI) -- Forecasts for retail gasoline prices for motorists along the western U.S. coast don't appear optimistic, a market analyst said.

Patrick DeHaan, an analyst for gasbuddy.com, said in a posting that "big increases" are expected for retail gasoline prices along the West Coast.

Chevron shut down a unit at its Richmond refinery in California following a fire this week.

"We are cooperating fully with regulatory officials to investigate the incident and do not know how long this unit will be down," Chevron said in a statement. The refinery makes transportation fuels and capacity is reduced by the shut down.

Motorist group AAA, in its daily fuel report, states that a gallon of regular unleaded gasoline Thursday in San Francisco, across the bay from the Richmond refinery, cost $4 compared with $3.85 last month.

The national average for a gallon of regular unleaded gasoline is $3.66, AAA reports.

The U.S. Energy Department's Energy Information Administration reports it increased its average retail price forecast for a gallon of regular unleaded to $3.49, up 10 cents compared with last month's prediction.

"EIA expects regular gasoline retail prices, which averaged $3.53 per gallon in 2011, to average $3.53 per gallon in 2012 and $3.33 per gallon in 2013," the agency stated.

Related UPI Stories
Latest Headlines
Trending Stories
One arrested after Philadelphia college lockdown
Boehner delays House vote for new speaker
NASA releases thousands of Apollo mission photos on Flickr
Snowden: U.S. won't respond to offers to serve prison time
FDA approves new treatment for advanced lung cancer