Portland Gasoline Surges Most Since 2008 on BP Refinery Shutdown

Gasoline prices on the West Coast surged after BP Plc (BP/) idled the Cherry Point refinery, the largest in Washington, after a fire Feb. 17.

The investigation into the fire may last several days and regulatory approval from the state is required for the refinery to start, Bill Kidd, a BP spokesman, said yesterday. The plant on the Washington coast near the U.S.-Canada border.

Conventional, 87-octane gasoline in Portland, Oregon, surged 16.5 cents to 23 cents above New York Mercantile Exchange gasoline futures at 11:35 a.m. in New York, according to data compiled by Bloomberg. That’s the biggest single-day increase for the grade since Dec. 30, 2008.

Carbob in Los Angeles (MOGLDB85) rose 10 cents to a premium of 40 cents a gallon versus futures. That’s the most expensive since Oct. 11.

Chevron Corp. (CVX) plans to flare at the El Segundo refinery near Los Angeles today through tomorrow, according to a filing with regulators.

The premium for Carbob in San Francisco (MOGSD85P) widened 11 cents to 35 cents a gallon above gasoline futures, a four-month high.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.