Malibu Gas Prices Reach Above L.A. Average

The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded what is believed to be its largest single-day increase today, rising 19.2 cents to $4.539 -- its highest amount since July 12, 2008.

Prices for regular gasoline in Malibu reached well above the average, with the Chevron on Pacific Coast Highway at Webb Way charging $4.79.

In nearby Calabasas, the Low-P on Calabasas Road is charging nearly $6 ($5.89 to be exact) a gallon for high-octane fuel.

The average price has increased by more than 1 cent on each of the past seven days, including 8.8 cents on Thursday and 5.8 cents on Wednesday. It is now 40.3 cents more than a week ago, 36.4 cents higher than a month ago and 71.5 cents greater than at this time last year, according to figures from the AAA and Oil Price Information Service.

The record price is $4.626, set on June 21, 2008.

"Reportedly in recent weeks, local refineries were dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline, then a refinery power outage and a pipeline incident occurred on Monday that sent wholesale markets into a panic about the adequacy of California fuel supplies,'' said Jeffrey Spring of the Automobile Club of Southern California.

Spring said "it's not clear'' how much higher prices will go.

"A lot depends on whether the perceived supply issues are quickly addressed,'' he said.

Find the lowest Malibu gas prices using Malibu Patch's Commute section.