Gas Prices Still Soaring; Relief May Be Near

Southern California gasoline prices continued to spurt higher, but easing wholesale prices could bring some relief soon, the Automobile Club of Southern California said Friday.

Los Angeles County motorists are paying an average of $2.152 for a gallon of self-serve regular gasoline, up 20.3 cents in the last week, the Auto Club said.

The pump price has nearly reached the local record of $2.167 set March 22.

Wholesale prices have declined about 12 cents in recent days, which should erase a nickel to a dime from retail gas prices, Auto Club spokeswoman Carol Thorp said.

Meanwhile, crude oil hit a five-week high Friday on speculation that gasoline inventories would fall short of demand during the summer driving season. Crude oil for April delivery rose 65 cents, or 1.8%, to settle at $36.16 a barrel on the New York Mercantile Exchange, the highest close since Jan. 20, when prices rose to $36.20, a 10-month high.