California gasoline price jumps 8 cents overnight

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(AP)

SAN FRANCISCO (AP)

The cost of gasoline in California jumped 8 cents overnight and is poised to soar to the highest point this year in what analysts say is a supply problem fueled by refinery and pipeline outages.

The AAA’s Daily Fuel Gauge on Thursday showed the average price for a gallon of regular gas rose 8 cents overnight, to $4.32, and was up 18 cents over the past week.

Average prices are also high nationally at $3.78 a gallon, but inventories in California are lower than they have been in more than 10 years.

The state’s supply is hampered by its strict pollution limits, which require a special gasoline blend.

Patrick DeHaan, senior petroleum analyst at GasBuddy.com, said prices should continue to rise because wholesale gasoline prices have risen $1 a gallon, but average retail prices are only up 30 cents.

(Copyright 2012 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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