Gasoline prices continue to rise in California

The average price of gasoline continued to rise in California on Friday because of tight supplies and push by speculators.

The average price rose to 3.096 dollars, 45 cents more than last month and 48 cents more than a year ago, according to the latest survey of the region's gas stations by the Automobile Club of Southern California.

In the Los Angeles-Long Beach area, a gallon of regular self- serve gasoline rose 16.2 cents this week, surpassing the three- dollar mark for the first time since Sept. 8, the Auto Club said.

The last time the price surpassed the 3-dollar mark was Sept. 8 when it was 3.053 dollars.

The average price per gallon has increased over six consecutive weeks -- rising 11.7 cents from March 2-9, 12.6 cents from Feb. 23- March 2, 4.8 cents from Feb. 16-23, 8.4 cents from Feb. 9-16, and 7.1 cents from Feb. 2-9 after dropping for five consecutive weeks.

California gas prices are now on average nearly 80 cents higher than in Wyoming, which has the nation's cheapest gasoline, and about 60 to 70 cents higher than most other states, Auto Club spokeswoman Carol Thorp said.

"Prices went up at a faster rate this last week than at any other time in 2007," Thorp said. "A number of factors are combining to cause this quick increase, including some supply issues and a lot of speculation in the market by investors that is driving up wholesale gasoline prices."

The Auto Club provided this breakdown of gasoline prices in selected portions of California and Nevada as of 12:01 a.m. Friday.

Source: Xinhua