Wednesday, December 7

California gas pump prices hit record highs, but should drop weekend

Gas prices hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing an unprecedented average of $6.49 per gallon for regular. Prices in some southern California locations spiked at more than $8.00 per gallon.

But experts said Golden State drivers whose tanks aren’t near empty may want to hold off on filling up, because relief may be on the way.

Statewide, prices reached $6.42 per gallonup a penny from the day before, and just under the record average of $6.44 set June 14. That’s nearly $3 higher than the national average of $3.83, according to AAA.

By midday, however, there was good news: Wholesale spot prices for gasoline sold by refineries and others in the Golden State dropped by as much as $1.25 per gallon off recent highs and could fall further, said industry analyst Patrick De Haanwith GasBuddy, which tracks oil and gas markets.

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