Gas Tops $4-a-Gallon After Largest Single Day Spike Since 2012

The largest daily increase since Oct. 5, 2012, pushed the average price of a gallon of self-serve regular gasoline in the Inland Empire above $4 for the first time in nearly a year today.

The average price in Riverside and San Bernardino counties rose 15.3 cents to $4.073, the first time the average price had been above $4 since July 26, 2014, according to figures from the AAA and Oil Price Information Service.

The average price has risen 59.3 cents since Thursday, including 10.8 cents on Monday. It is 46.7 cents higher than a month ago but 2.8 cents less than one year ago.

The sharp increases are the result of inadequate supply to meet demand caused by several factors, according to Marie Montgomery of the Automobile Club of Southern California.

Montgomery said Southern California refineries didn’t receive any shipments of foreign oil last week as they were outbid by competitors in Mexico and other areas, forcing them to draw down inventories to their lowest levels in a year to make enough fuel to meet demand, which is up from last year.

The ExxonMobil refinery in Torrance remains offline because of an explosion in February. The operator is awaiting approval from the South Coast Air Quality Management District to use a refurbished piece of equipment, Montgomery told City News Service.

The gasoline supply was further reduced because the Tesoro refinery in Carson is at least partly offline for annual maintenance, Montgomery said.

--City News Service