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