Inland Empire gasoline rises to record price

The average price of a gallon of self-serve regular gasoline in the Inland Empire rose to a record $4.621 Saturday, increasing 14.2 cents from Friday.

The average price of a gallon of self-serve regular gasoline in the Inland Empire rose to a record $4.621 Saturday, increasing 14.2 cents from Friday. (File: SWRNN)

The average price in Riverside and San Bernardino counties has risen 45.7 cents over the past four days, including a record 18.1 cents on Friday, according to figures from the AAA and Oil Price Information Service.

It is 49.4 cents more than a week ago, 47.4 cents higher than a month ago and 82.6 cents greater than at this time last year.

The previous record was $4.614, set on June 22, 2008.

The record price is the result of wholesale markets going “into a panic about the adequacy of California fuel supplies,” following a power failure at the ExxonMobil Torrance Refinery and closure of a Chevron pipeline that moves crude oil to Northern California Monday, said Jeffrey Spring of the Automobile Club of Southern California.

The Monday incidents followed local refineries dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline, Spring said.