California Gas Prices Equal All-Time High

LOS ANGELES (CBS/AP) – The price of gasoline has reached the all-time high in California of $4.61 a gallon.

AAA’s Daily Fuel Gauge report released early Saturday says the average price for a gallon of regular unleaded across California rose 12 cents from its Friday mark of nearly $4.49.

Saturday’s price, the highest in the nation, equaled the record for California set in June 2008 price of $4.61.

PUMP PATROL: Map The Cheapest Gas Near You

Analysts have said California gas price increases are expected to continue for at least several more days before leveling off.

They say the causes of the surging prices include a power outage Monday at a Southern California refinery that reduced supply as well as an already fragile and volatile market.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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