Valley gas prices soar overnight

Source: The Business Journal

Gas prices finally shot up throughout California on Friday as analysts predicted while Valley drivers are feeling the same pain. The average price of regular gas across the state jumped nearly 20 cents in some areas to nearly $4.49 a gallon, the highest in the nation, according to AAA's Daily Fuel Guage Report. In the Fresno area the price of a gallon of regular unleaded gasoline went from $4.27 yesterday to $4.40 currently while the average price on the same day last year was $3.79. Meanwhile, diesel prices in the area average $4.47, about the same as yesterday but up from $4.10 last year. The highest recorded average price for unleaded gasoline in the Fresno area was $4.63 a gallon in June 2008 while diesel hit its peak in July 2008 at $5.17. In the Visalia-Tulare-Porterville area, average gasoline prices went from $4.31 yesterday to $4.45 for a gallon of regular unleaded today. Last year, prices averaged $3.85 a gallon. Diesel prices in the area were mostly unchanged at $4.46 but are still up significantly from $4.10 last year. The price of unleaded gasoline in the area spiked in June 2008 at $4.47 a gallon while diesel spiked in the same month at $5.24. The average price of regular gasoline in California was $3.82 a gallon on this day last year while diesel sits at $4.48, up from $4.14 a year ago. Analysts say prices spiked Friday due in part to reduced supply from an ExxonMobil refinery in Torrance that experienced a power outage on Monday. The refinery has since come back online.

URL to original article: http://thebusinessjournal.com/news/transportation/3499-valley-gas-prices-soar-overnight

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