Weekend jump in gas prices expected to taper off
Gas prices at a Shell station on Atlantic Boulevard in East Los Angeles on July 12.
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Los Angeles-area drivers saw a 40-cent increase in gas prices from Friday to Monday, but relief is coming.
Wholesale prices have eased up a bit, meaning retail prices at the pump will also start to drop, according to the Los Angeles Times. By Wednesday, the huge increases seen over the weekend will likely taper off, but they won’t fall as quickly as they rose.
“They definitely do not drop as they rise,” said Allison Mac, petroleum analyst for Gas Buddy.
Monday’s average price was $4.07 a gallon, about 40 cents higher than Friday’s price of $3.66, according to Gas Buddy.
The Auto Club of America listed Monday’s average price at $4.05 a gallon, up from $3.92 on Sunday.
Prices in Los Angeles are about 30 cents higher than the state average of $3.715, and about $1.28 higher than the national average of $2.77, according to AAA.
Dean Smith, 54, a clerk for the city, said Monday he and his wife chose to carpool because of high gas prices. Even before the latest jump, Smith said he picked up a part-time job with the Uber ride service to meet his expenses.
“I’m mad as hell,” he said at a 76 gas station on 6th Street downtown. “It scared me enough to go out there and find a second job.”
Some drivers have just become resolved to high pump prices in Los Angeles and California.
Jessi Diaz, a 27-year-old model who lives in L.A., said she usually spends $60 to fill up the Toyota Tacoma she drives. On Monday, she stopped at $20.
“I think it’s ridiculous, to be honest,” Diaz said. “I just don’t look at the price. Either way, I’m still going to come here to buy.”
Last week, the U.S. Energy Information Administration released a report saying there was a lack of fuel imports to California, said Patrick DeHaan, senior petroleum analyst for Gas Buddy.
Since then, wholesale prices have increased. It took local gas stations about four to five days to match the jump, he said.
However, the demand will likely draw gasoline shipments from Europe and Asia, DeHaan said.
“High prices always attract more gasoline cargos,” he said.
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Samantha Masunaga, Los Angeles Times
Twitter: @smasunaga
Ivan Penn, Los Angeles Times
Twitter: @ivanlpenn