Carol Thorp
Carol Thorp
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Prices remain on the rise but there is hope that we may be nearing a peak. Wholesale gas prices have averaged about $2.60 per gallon for the past week. Taxes add about 60 cents to that, transportation and dealer profit is another 5-10 cents. Prices in the L.A./Long Beach area could peak at $3.25-$3.30 by mid-May then they could decline after Memorial Day.
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Wholesale gasoline prices have dropped across the country and West Coast gasoline inventory is strong. That actually led to a slight decline in pump prices in the last few days, although overall averages are still higher than at this time last week. However, oil industry analysts expect wholesale prices to start heading up again once the more expensive summer-grade fuel starts going on the market at the end of February.
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Motorists can expect two to three weeks more of price increases that could send the average price of regular as high as $3.10 to $3.20 per gallon.
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The speculators on the market are pushing the price up - they're worried about oil coming from Iraq, they're worried about what Iran could do to affect the price, they're worried about labor unrest in Nigeria.
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Prices went up throughout Southern California this past week, but not at as rapid a pace as we've seen during other gas price spikes. It's likely that increases will continue for at least the next few weeks.
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Prices rose 4 cents today (in San Diego), and that is not unusual lately. There is profit-taking; no one can avoid that conclusion.
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Prices have fallen 25 percent since their record highs in September. After the New Year, motorists can expect prices to begin rising as refineries cut back production to conduct their annual maintenance and begin the process of producing the summer blend of gas, which must be completed by the end of February.
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Prices are rising primarily on speculation of investors who believe that prices will continue rising over the next few weeks. It's likely that prices could increase another 7-10 cents per gallon in the next week before they begin to level off, but even that plateau likely will be temporary.
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We hope drivers are aware that the California Highway Patrol and law enforcement agencies are likely to be using extra patrols to look for drinking drivers during holidays.
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Since then we have seen a gradual increase until prices are now equal to a month ago.
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Motorists might see prices stabilize over the next week or two, but that could only be a temporary pause.
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Motorists might seen prices stabilize over the next week or two, but that could only be a temporary pause. Upward pressure on gas prices will increase in February due to reduced production as refineries rush to finish the changeover from producing winter grade to summer grade fuel before the March 1 deadline.
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Motorists have not seen the end of price increases. Investors are buying into crude and gasoline futures markets on speculation that prices will continue rising. Retail prices still have not caught up with wholesale price increases. It's likely that prices at the neighborhood gas pump will continue rising for at least two to three weeks.
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When a worker complains about harassment, you take it seriously.