Gasoline prices spike on U.S. west coast

Aug. 9, 2012 at 7:28 AM   |   Comments

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
Hershey's new logo launched, compared to emoji poop
The 'Home of the Whopper' to keep headquarters in U.S.
Canadian media must broadcast official emergency notifications
France receives upgraded aerial tanker
Kurds raise oil funds for refugees
Trending News