California spot gasoline prices soar more than 10% to $3.23/gal. in the wake of the fire (now reportedly out) at Chevron's (CVX) Richmond refinery. California spot prices help determine retail prices, currently at $3.86/gal. for the statewide average and higher than this time last year; prices could climb at least another $0.40, OPIS analyst Tom Kloza says.
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