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Gas price shock in California

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By Gillian Flaccus
Associated Press
Published:
  • A boogie boarder walks past a sign displaying high gas prices in Laguna Beach, Calif. Friday, Oct. 5, 2012. In many areas in California, gas prices ha...

    A boogie boarder walks past a sign displaying high gas prices in Laguna Beach, Calif. Friday, Oct. 5, 2012. In many areas in California, gas prices have jumped 40 cents in a week as refinery problems have created shortages and helped send wholesale prices soaring. (AP Photo/Chris Carlson)

LOS ANGELES -- Californians woke up to a shock Friday as overnight gasoline prices jumped by as much as 20 cents a gallon in some areas, ending a week of soaring costs that saw some stations close and others charge record prices.
The average price of regular gas across the state was nearly $4.49 a gallon, the highest in the nation, according to AAA's Daily Fuel Gauge report.
In Southern California, the price jumped 20 cents a gallon overnight to $4.53 in Ventura. And in the Los Angeles-Long Beach area prices went up 19 cents to nearly $4.54. It wasn't any better to the north, as a gallon of regular gas in San Francisco averaged nearly $4.60.
In many areas, prices have jumped 40 cents in a week as refinery problems have created shortages and helped send wholesale prices soaring. Some stations ran out of gas and shut down Thursday rather than pay those costs.
Even Costco Wholesale Corp., the giant discount store chain that sells large volumes of gas, decided to close some stations
"We do not know when we will be resupplied," read a sign at one Southern California Costco, according to the Los Angeles Times.
Other gas stations charged more than $5 a gallon. The Low-P station in Calabasas charged $5.69 Thursday. The pumps bore hand-written signs reading, "We are sorry, it is not our fault," the Times said.
While gas prices have spiked around the nation, refinery outages and pipeline problems have added to woes in California.
Among the recent disruptions, an Aug. 6 fire at a Chevron Corp. refinery in Richmond left one of the region's largest refineries producing at a reduced capacity, and a Chevron pipeline that moves crude to Northern California also was shut down.

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