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Calif. Gas Prices Equal All-Time High [VIDEO]

The price of gasoline has equaled the all-time high in California of $4.61 a gallon.

A sign at a gas station at Costco Wholesale Corp. reads in part, "We currently do not know when we will be resupplied," apologizing to customers after the gas station ran out of gas and closed in the Northridge section of Los Angeles
A sign at a gas station at Costco reads in part, “We currently do not know when we will be resupplied,” apologizing to customers after the gas station ran out of gas and closed in the Northridge section of Los Angeles. (Kevork Djansezian/Getty Images)

AAA’s Daily Fuel Gauge report released early Saturday says the average price for a gallon of regular unleaded across California rose 12 cents from its Friday mark of nearly $4.49.

Saturday’s price, the highest in the nation, equaled the record for California set in June 2008 price of $4.61.

Analysts say California gas price increases are expected to continue for at least several more days before leveling off.

They say the causes of the surging prices include a power outage Monday at a Southern California refinery that reduced supply as well as an already fragile and volatile market.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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