(Bloomberg) San Francisco gasoline prices at the pump may hit a fresh record high after two area refineries experienced mechanical disruptions following historic downpours.Physical gasoline prices jumped 12.5 cents Monday to the strongest premium over Nymex gasoline futures since mid-August. Retail prices in the city were averaging $4.727 a gallon Monday, just a penny short of their record high set in 2012, according to AAA data. Prices at the pump typically trail movements in the physical market.PBF Energy Inc.’s refinery in the Bay Area experienced an operational upset, according to a regulatory filing. Chevron Corp.’s nearby Richmond refinery shut multiple units Sunday morning, according to a report from Wood Mackenzie Genscape. Those two disruptions come on top of scheduled maintenance at Valero Energy Corp.’s Benicia refinery. Its gasoline-making unit has been shut since Oct. 1.
SF refinery outages will lead to record high #gasprices soon… heavy rains have triggered some issues at NorCal refineries, causing wholesale #gasprices to soar. It is highly likely San Francisco gas prices will set a new all-time high in the days ahead.
The latest rise in pump prices comes as the country is already experiencing nationwide fuel costs at the highest in seven years. Californians typically pay the most for gasoline in the U.S. The state currently has the highest national average price in the country at $4.55 a gallon, according to AAA.
(Updates with more details about refinery work in third paragraph. Adds California average price in last paragraph.)
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