Weekend Gas Prices Smash Records, Jump 46 Cents in Four Days

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record $4.661 on Sunday, increasing 12.2 cents from Friday.

The average price has risen 46 cents over the past four days, including a record 19.2 cents on Friday, according to figures from the AAA and Oil Price Information Service. It is 50.7 cents more than a week ago, 48.4 cents higher than a month ago and 84.5 cents greater than at this time last year.

The previous record was $4.626, set on June 21, 2008. The Orange County average price also rose to a record, $4.65, increasing 12.5 cents from Friday.

In Arcadia, the most expensive gas is $4.89 per unleaded gallon at a 76 Station, 701 West Huntington Drive according to Gasbuddy.com. The cheapest gas in the city comes in at $4.25 a gallon at a Mobil station, 679 West Duarte Road.

The record prices are 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 on 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.

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