Carol Thorp
Carol Thorp
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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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Southern Californians have reduced their driving significantly in the past couple of months. Additionally across the nation, demand for gas is down 2 percent from this time last year.
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When a worker complains about harassment, you take it seriously.
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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 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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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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Since then we have seen a gradual increase until prices are now equal to a month ago.
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Refiners are selling off all supplies of winter grade fuel in advance of next Tuesday's deadline. That has put extra supply on the market, sending prices lower. Motorists can expect to see prices stay near current levels for a couple of weeks. After that, with the extra winter grade supply used up, motorists should expect more upward pressure on retail gas prices.
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Nationally, production is down and demand is up compared to last year. In addition, many regions of the country are having trouble getting sufficient supplies of ethanol, which is used in new formulas for gas. Uncertainty about supply has lifted gasoline to near-record prices on the spot market and that filters down to the neighborhood gas pump.
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Over the next few weeks we'll be up to where we were before Hurricane Katrina, and that's going to put more gasoline on the market. We think that will cause gas prices to start coming down over the Memorial Day weekend.
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We want motorists to be aware of the high crash risk from drinking and driving associated with holidays and encourage them to think twice about getting behind the wheel if they have been drinking.
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We're in the time of year when steep price increases are common, but this year prices are being boosted by speculation about whether there will be sufficient gasoline supplies for later in the year. It may be several weeks before a clear picture develops on the nation's gasoline production, but in the meantime, prices could climb to near $3 per gallon.
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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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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.