The average price of a gallon of self-serve regular gasoline in San Diego County rose to a record $4.674 Saturday, increasing 15.1 cents from Friday.
The average price has risen 49.6 cents over the past four days, including a record 19.5 cents Friday, according to figures from the AAA and Oil Price Information Service.
It is 53.9 cents more than a week ago, 51.7 cents higher than a month ago and 86.8 cents greater than at this time last year.
The previous record was $4.63, set on June 19, 2008.
The record price is the result of wholesale markets going “into a panic about the adequacy of California fuel supplies,” following a power failure at the ExxonMobil Torrance Refinery and closure of a Chevron pipeline that moves crude oil to Northern California Monday, said Jeffrey Spring of the Automobile Club of Southern California.
The Monday incidents followed local refineries 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, Spring said.
—City News Service