Gas Prices Already Shooting Up After Refinery Explosion

Well, so much for those low gas prices.

Wednesday’s explosion at an ExxonMobil oil refinery in Torrance already has gas prices climbing.

A worker at a Mobil gas station in nearby Hermosa Beach told NBC 4 that he received a call from his boss immediatly after the news of the explosion to raise the price by 5 cents.

β€œI think the market is telling you they expect that unit to be down through April,” Tom Kloza, global head of energy analysis at the Oil Price Information Service, told MarketWatch. Kloza added that if the refinery remains out of service for that length of time, retail gas prices could rise to as much as $3.25 a gallon (ugh!), from a recent average in California of about $2.80.

The low prices were fun while they lasted. So long disposable income. So long.

Related: Looking for the lowest gas prices in Palm Springs and The Coachella Valley? Find them here.