Independent gasoline station owners in the Los Angeles area are beginning to shut their pumps...

|By:, SA News Editor

Independent gasoline station owners in the Los Angeles area are beginning to shut their pumps because of supply shortages that have driven wholesale fuel prices to record highs. Spot gasoline in LA has surged $0.70 this week to $3.95/gallon, a record $1.15 premium vs. Nymex futures. Costs should start falling as Exxon's 150K bbl/day Torrance refinery returns to normal operations.