Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/18/2013 (1 year ago)

Catholic Online (www.catholic.org)

Southern California seeing as much as $5 a gallon

According to AAA, gas prices have risen for 32 days straight, meaning that the average price for a gallon of regular unleaded gasoline has increased more than 13 percent over that period to an average of $3.73 a gallon. Coming in the middle of winter, many households have been hit with overwhelming heating bills. With many in the U.S. bringing home smaller-than average paychecks - things are tough all over. 

One gas station in downtown Los Angeles was offering regular unleaded at $5.19 on Monday, prompting at least one potential customer to exit his vehicle, snap of a photo of the station's prices - and then drive off in search of cheaper gas.

One gas station in downtown Los Angeles was offering regular unleaded at $5.19 on Monday, prompting at least one potential customer to exit his vehicle, snap of a photo of the station's prices - and then drive off in search of cheaper gas.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/18/2013 (1 year ago)

Published in Business & Economics

Keywords: Gasoline prices, refineries, maintenance, taxes


LOS ANGELES, CA (Catholic Online) - Higher gasoline prices are from a confluence of factors, from rising crude oil prices, to production cuts and refinery closings.

"Right now, things are tight worldwide," President of New York commodities trading firm Paramount Options Ray Carbone says. "Refineries going down, unanticipated maintenance and higher demand ... going into driving season."

The price of crude has jumped 10 percent in the last two months, which is two-thirds of the cost of one gallon of gas. Ironically, brighter economic times are behind the sudden inflation. While U.S. housing market is enjoying resurgence and there is a surge of new jobs available, the anticipation of higher oil demand is driving up prices. Fears have also ebbed that there would be a protracted slowdown in China's economy, which would have dampened global demand for oil.

OPEC is also believed to have cut production by about one million barrels a day in the last few months, partly in response to rising oil production elsewhere, notably the United States.

Several refineries are either preparing or have already shut down for maintenance before their annual switch to summer gasoline, which is formulated differently.

It's bad timing for many across the U.S. Most of the country's 160 million workers are taking home less pay each week since the payroll tax cuts expired last month.

Gas prices in Southern California have left some drivers paying over $5.00 per gallon. The average price of a gallon of gas in the Los Angeles-Long Beach area climbed for the 25th consecutive day to $4.29, over 50 cents higher than last month.

One gas station in downtown Los Angeles was offering regular unleaded at $5.19 on Monday, prompting at least one potential customer to exit his vehicle, snap of a photo of the station's prices - and then drive off in search of cheaper gas.

---


Pope Francis calls for your 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2014
Respect for Women:
That all cultures may respect the rights and dignity of women.
Vocations: That many young people may accept the Lordís invitation to consecrate their lives to proclaiming the Gospel.



Comments


More Business & Economics

Is the 'Mark of the Beast' the future of money? Watch

Image of Theoretically, a unique identifier is attached to your digital wallet, could transmits payment for the groceries directly to the store.

By Catholic Online (NEWS CONSORTIUM)

Some futuristic thinkers say that in the next 20 years or so, when people go to the market, they will pick up the items they need and leave - without the benefit of paying a cashier. Sensors will identify a consumer by a mark, their way of walking or facial ... continue reading


Credit card wars: Wal-Mart sues Visa over transaction 'conspiracy' Watch

Image of Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

By Catholic Online (NEWS CONSORTIUM)

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers. ... continue reading


In spite of tax revenue all-time highs - government still running in the deficit Watch

Image of Congress passed and President Obama signed

By Catholic Online (NEWS CONSORTIUM)

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its ... continue reading


'Regulated' Bitcoin exchanges planned in New York Watch

Image of Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

By Catholic Online (NEWS CONSORTIUM)

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin. LOS ANGELES, CA (Catholic Online) ... continue reading


One, fell swoop: Italy's biggest bank to cut 8,500 jobs Watch

Image of The company is to create an internal

By Catholic Online (NEWS CONSORTIUM)

"I believe the group has turned the page," Italy's largest bank, UniCredit's chief executive, Federico Ghizzoni said. "We could have staggered the losses over several years. We decided to take them all in one year." It wasn't good news for many - Unicredit has ... continue reading


$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion Watch

Image of The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

By Catholic Online (NEWS CONSORTIUM)

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original ... continue reading


Wowza! Restaurant starts charging diners for Obamacare Watch

Image of Obamacare sounds nice, but somebody has to pay. At least Gator's Dockside is up front about it.

By Catholic Online (NEWS CONSORTIUM)

Going out to dinner? You'd better be prepared to pay a little bit extra thanks to Obamacare. A chain of Florida restaurants is tacking a surcharge onto diner's bills to help keep expenses at bay and workers on the payroll. LOS ANGELES, CA (Catholic Online) - A small ... continue reading


Time banking - where time is BETTER than MONEY Watch

Image of In a time bank, time is the money.

By Catholic Online (NEWS CONSORTIUM)

Alternative currencies such as Bitcoin and BerkShares are gaining popularity as people look for ways to escape what they see as a rigged and flawed system of monetary exchange in government currencies. However, the idea of banking time as opposed to money is also ... continue reading


Google tops Exxon as world's second-most valuable company - for a day Watch

Image of The one day-surge demonstrated the growing role of technology in the economy.

By Catholic Online (NEWS CONSORTIUM)

It was quite a day on Wall Street. Google, the world's largest online advertiser through its dominant search engine, had a higher market capitalization before falling back at the close in New York to a value of $395.4 billion compared to Exxon's $395.7 billion. ... continue reading


Bill Gates thinks poverty will be eliminated by 2035... But he's missing this one thing! Watch

Image of Bill Gates thinks the world will be more prosperous with absolute poverty for nations eliminated by 2035, mostly as a result of advances in medicine and technology.

By Catholic Online (NEWS CONSORTIUM)

Bill Gates has said that he does not expect to see anymore "poor countries" left in the world by 2035. In his third ,claiming that the world of today was better off than at any time in history and that in 20 years, it will be even more so. LOS ANGELES, CA (Catholic ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 10:34, 37-43
34 Then Peter addressed them, 'I now really ... Read More

Psalm, Psalms 118:1-2, 16-17, 22-23
1 Alleluia! Give thanks to Yahweh for he is good, for ... Read More

Gospel, John 20:1-9
1 It was very early on the first day of the week and ... Read More

Reading 2, Colossians 3:1-4
1 Since you have been raised up to be with Christ, ... Read More

Saint of the Day

Saint of the Day for April 20th, 2014 Image

St. Marian
April 20: When St. Mamertinus was Abbot of the monastery which St. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter