California Refiners Ration Gasoline as Prices Soar to Record
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Exxon Mobil Corp. and Valero Energy Corp. are rationing gasoline deliveries to customers in California as refinery halts cut into the state’s supplies, driving pump prices toward record highs.
Valero stopped spot sales in Southern California and is allocating the rest of its deliveries to customers. Exxon is also rationing to buyers at West Coast terminals. Retail prices in the state jumped to an average $4.486 a gallon, according to data published today by AAA, the nation’s biggest motoring organization.