California gasoline prices hit records for the second day in a row

California record gasoline prices for the second day in a row, reports CNN.

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California gasoline prices hit $ 15 a gallon on Nov. 4,682, setting a new record for the state for the second straight day.

The price of regular unleaded gasoline was six tenths higher on November 15 than on November 14, according to AAA, breaking the all-time high of $ 4,671 previously set in October 2012.

America's largest state by population has the highest gasoline prices in the country. On November 15, the national average rose slightly to $ 3,415.

AAA said heavy rainfall in Northern California has cut production capacity.
The bad weather then moved to Southern California.

“Right now we have a slight supply shortage, nothing major until Northern California refineries get back to full production capacity,” said Jeffrey Spring, corporate communications manager for the Automobile Club of Southern California.

In some regions, prices are heading towards $ 5, including Humboldt County in Northern California, where the average price was $ 4,97 on Monday. The Bay Area has grown to over $ 4,85.

Doug Shoop, a spokesman for AAA, said that while Californians are accustomed to paying more for gas, the price has been much higher lately.

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“Drivers are paying $1,50 more per gallon than they were a year ago,” Shupe told CNN. “This means that a person who has a typical midsize sedan with a 14-gallon gas tank is paying $21 more today than last year to fill up that tank.”

Shupe says the main reasons for the price spike are higher crude oil prices and constrained demand due to the pandemic.

“We typically see prices at the pump drop after Labor Day because people are done with their summer vacation. The kids are back in school,” Shupe said. “But this year people are still traveling. There is still a need for fuel to get where people want to go.”

The increase in gasoline and heating prices this winter will affect the most disadvantaged families.

Gasoline prices have risen steadily throughout the year as demand for the fuel rises around the world and suppliers are unable - or unwilling - to produce more oil.

Although US oil prices are up more than 65% this year, US oil production is about 14% below end-2019 levels, before the spread of Covid.

Gas prices have jumped to a seven-year high, and Wall Street banks are warning that $ 100 or even $ 120 oil is on the way.

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Spring said prices have not yet stabilized.

“What's happening in the Bay Area indicates that we may be at the top of this price increase, barring any other issues,” Spring said.

“So we hope the situation will subside by the end of the year,” he added.

California hit a record price in 2012 due to disruptions in refineries, which caused prices to spike for weeks before falling again.

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