Gasoline Prices in San Diego, California, October 4, 2012
Photo Courtesy of Dana Helgeson
An August 6, 2012 refinery fire at the Chevron facility near Richmond, California, coupled with massive power outages today at Exxon-Mobil facility in Torrance, California, have nearly turned the spigot off for gasoline in California.
Price increases have been severe and immediate. The National average is around $3.78/gallon. Today, California is about $2/gallon ABOVE the national average. Exxon-Mobil and Valero (used by some independent stations like Costco) are rationing gasoline deliveries. It is unknown how long supplies will be disrupted. For many, this is reminiscent of the Arab Oil embargo of 1973 which ironically, also occurred in October.
This comes just a few weeks before the general election for U.S. President.