California Energy Commission says gas prices should fall

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FREDERIC J. BROWN/AFP/Getty Images

A man pumps gas into his vehicle at a gas station in Monterey Park, Los Angeles County, on October 5, 2012 in California. The average price for a gallon of self-serve regular gasoline in Los Angeles County recorded what is believed to be the largest single-day increase, its highest amount since July 12, 2008, rising 19.2 cents to $4.539 a gallon, according to the California News Service, with the average price increasing by more than 1 cent on each of the past seven days, including 8.8 cents on October 4 and 5.8 cents on October 3.

The California Energy Commission has determined that the state has plenty of gasoline to meet consumer demand and says prices at the pump should start to fall next week.

Commission spokeswoman Alison ApRoberts says a series of problems at refineries around the state led to a price spike, including a surge of 17 cents a gallon on Friday. But Exxon Mobil announced that it was reopening its Torrance refinery after an unplanned shutdown, and supplies are rebounding.

A week of soaring costs has led some California stations to close and others to charge record prices.

On Friday, ApRoberts said prices on the wholesale market had peaked. She says consumers should start to see falling prices over the next week.

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