Yesterday, I talked to Patrick DeHann of GasBuddy.com about gas prices in the Los Angeles area. During the course of our conversation, he predicted that upward pressure on gas prices in the region, in the wake of the Chevron Richmond refinery fire, would ease.
"Wholesale prices have already come down a bit as emotions have cooled off," he said.
Translation: Some of the uptick in prices we saw last week was based on fear, plain and simple. Now the market has figured out that it can still resupply itself, and that's caused prices to level off, at least for now.
Prices in the Southland still haven't cracked $5 — the most expensive gallon of regular gas remains $4.99. Will that barrier — which is emotionally important for consumers — be crossed in the coming days? We'll see.