Gasoline Prices Leap in California

Continuing refinery problems and higher crude oil prices contributed to an increase of 3.4 cents a gallon in the average pump price of gasoline in California last week. California’s average self-serve, regular unleaded gasoline price was $1.53 a gallon for the week, the Energy Department said. Chevron Corp.’s Northern California refinery is operating at sharply reduced capacity because of recent explosions that destroyed key gasoline-making equipment. Oil futures hit a 21-month high, with the September contract for West Texas intermediate crude, the U.S. benchmark, closing at $21.27 a barrel, up 39 cents. Nationwide, gasoline prices rose slightly more than a penny last week to $1.21 a gallon.