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Gas Supply Crunch Hits Prices Hard in Ventura, Santa Barbara Counties As Well As Statewide

Posted on Friday, October 5, 2012 1:32pm

The smallest gas inventory in California in a decade has sent prices soaring across the state. Gas jumped about 20 cents a gallon overnight in many areas.

The Auto Club says it averaged $4.49 a gallon for regular unleaded today, compared to $3.79 nationally. Premium topped $5 dollars a gallon in some areas, and some industry observers say we could reach $6 dollars over the weekend.

Oil industry officials say problems at some of the state’s refineries have cut into production.

Costco, which is known for having some of the lowest gas prices in the state has run out of fuel at some of its Southern California locations.

However, as of this afternoon, the two local Costco stores with pumps, in Oxnard and Simi Valley, still had supplies.

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