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EMERYVILLE, Calif. – Nationwide oil workers’ strike and rising crude oil prices are triggering an increase in the gas prices.
Tuesday's state prices are registering at $ 2.65 on average for a gallon of unleaded gasoline – that’s $0.7 more than prices since AAA Northern California’s latest monthly gas survey of Jan. 13, 2015.
Northern California’s average price for a gallon of regular unleaded gasoline is $2.62 – that’s $0.06 more than last month’s AAA reported price on Jan. 13.
The highest recorded price ever registered in the state of California was in October 2012, at $4.67 a gallon for unleaded regular.
The least expensive average price in Northern California can be found in Marysville, where regular unleaded gasoline is $2.46 per gallon.
Of all metro areas tracked by AAA in Northern California, Eureka registers the highest price at $2.78 per gallon of unleaded regular.
On Tuesday the national average is $2.19, $0.12 higher than a week ago, and an increase of $0.04 from a month ago.
Hawaii continues to be the only state with an average price over $3 mark. California’s average price, $2.65 is the highest in the contiguous states.
Refineries typically use the first months of the year for seasonal refinery maintenance in preparation for the high demand in the summer driving season. This maintenance can lead to decreased production and supplies.
Another market uncertainty this week is that approximately 5,200 members of the United Steelworkers union have walked off their jobs at refineries and chemical plants responsible for processing more than 10 percent of U.S. petroleum products.
“While news of the strike has reportedly led to higher wholesale gasoline prices, the work stoppage is not expected to have a significant impact on production in the short-term because refineries continue to operate,” said Cynthia Harris, AAA Northern California spokesperson. “The abundant petroleum supplies may provide the refiners and union’s time to reach an agreement before there is a larger impact on consumers.”
An oversupplied global market is expected to keep the price of crude oil relatively low for at least the first half of 2015.
But, the global market’s overall volatility is at a six-year high and prices have fluctuated in response to many factors that put pressure on the balance of supply and demand.
This past week West Texas Intermediate (WTI) crude traded between the high $40s and low $50s reflecting market volatility. At the close of Friday’s formal trading on the NYMEX, WTI was up $1.21 to settle at $51.69 per barrel.
To get the best mileage possible, AAA recommends keeping tires at the recommended pressure suggested by the vehicle manufacturer, performing routine maintenance and making sure fluids are clean and belts and hoses are in good repair.
The way you drive can also impact fuel economy. Smooth driving to avoid sudden stops and starts, combining trips and lightening a vehicle’s load also help to conserve gasoline.
AAA Fuel Gauge Report is the most comprehensive retail gasoline survey available, with over 100,000 self-serve stations surveyed every day, nationwide. Data is provided in cooperation with OPIS Energy Group and Wright Express LLC.
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HIDDEN VALLEY LAKE, Calif. – Gov. Jerry Brown this week reappointed a local man to the California Apprenticeship Council.
Jack Buckhorn, 59, will serve another term on the council, which he has been a member of since 2010, the Governor's Office reported.
Buckhorn has been business manager at the International Brotherhood of Electrical Workers Local 551 since 2004, where he was a business agent from 1998 to 2004.
He was a journeyman electrician for several contractors including Kaiser Foundation Hospital and Contra Costa Electric from 2001 to 2004.
Buckhorn was a training director at Redwood Empire Joint Apprenticeship and Training Committee from 1989 to 1998.
This position does not require Senate confirmation and the compensation is $100 per diem. Buckhorn is a Democrat.
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LOWER LAKE, Calif. – Six Sigma Ranch is proud to announce that its 2011 Cuvée was selected by Sunset Magazine to be included in their winter catalog.
Kaj and Else Ahlmann were excited to receive the news.
“We were honored to be featured in last April’s Sunset Magazine Lake County feature,” Kaj Ahlmann said. “The followup from Sara Schneider and the Sunset team to include our wine in their winter showcase is so exciting. I know the selection is very competitive.”
Cuvée is a French term that means the wine is a blend of several varietals. Six Sigma Winery’s Cuvée is a blend of Cabernet Sauvignon, Tempranillo and Syrah.
Each year the percentages of each varietal changes to accentuate the characteristics of that vintage.
“We’re always proud to work with companies like Sunset Magazine,” said Christian Ahlmann. “Here at Six Sigma, we share their passion for nature, farming and wine on the West Coast. We make a great effort to create in Lake County a destination for guests, and it’s exciting when a national magazine showcases our region!”
Six Sigma Winery is located at 13372 Spruce Grove Road just south of Lower Lake and is open daily from 11 a.m. until 4:30 p.m. no appointment is necessary. The ranch can be reached at 707-994-4068.
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SAN FRANCISCO – Attorney General Kamala D. Harris, along with the U.S. Department of Justice and the attorneys general of eighteen states and the District of Columbia, on Tuesday announced a settlement with Standard & Poor’s Financial Services LLC (S&P) and its parent company, McGraw-Hill Financial Inc., to resolve federal and state civil claims related to S&P’s conduct in inflating ratings of residential mortgage-backed securities and structured investment vehicle notes.
Combined with a separate settlement also announced today resolving a lawsuit filed by the California Public Employees’ Retirement System (CalPERS), S&P will pay a total of $1.5 billion to federal and state government entities.
The state of California, through Attorney General Harris’ office, will recover $210 million in damages, from which CalPERS and the California State Teachers’ Retirement System (CalSTRS) will receive allocations for their losses on investments of certain S&P-rated securities.
Separately, S&P also will pay CalPERS $125 million to settle CalPERS’ specific lawsuit.
The remainder of the total settlement proceeds will be distributed amongst the U.S. Department of Justice and the other nineteen attorneys general.
“S&P profited by misleading investors who trusted its ratings,” Attorney General Harris said. “California’s public pension funds suffered significant losses due to S&P’s failure to honestly and accurately disclose the risk of the very investments that caused an international economic recession. This settlement holds S&P accountable for financial losses caused by these misrepresentations and compensates our pension funds.”
This settlement is the latest in several resolutions holding responsible the institutions that contributed to the financial crisis. To date, Attorney General Harris has recovered over $900 million for California’s public pension funds.
In August 2014, Attorney General Harris announced a $300 million settlement with Bank of America over its misrepresentations in residential mortgage-backed securities sold to CalPERS and CalSTRS.
Similar settlements were reached in July 2014 with Citigroup Inc. for nearly $200 million and in November 2013 with J.P. Morgan Chase & Co. for $300 million.
An investigation conducted by Attorney General Harris showed that S&P systematically misrepresented to the public, and to CalPERS and CalSTRS, that its ratings of structured finance securities were based on an objective and reliable analysis and not influenced by S&P’s economic interests. Investors relied on these ratings to invest in the structured finance securities, the collapse of which led to the financial crisis.
As part of the settlement, S&P agreed to a statement of facts which indicate that, despite its claims of objectivity and independence, it overruled the recommendations of its ratings experts out of concern that S&P’s business would be harmed if the company did not rate its clients’ securities positively. The settlement does not absolve S&P or its employees from any possible criminal charges.
The settlement with S&P arises from the investigation into mortgage-backed securities by Attorney General Harris’ Mortgage Fraud Strike Force, which was formed in May 2011 to comprehensively investigate misconduct in the mortgage industry.
The attorney general's additional efforts to investigate the mortgage crisis include securing approximately $20 billion for California in the National Mortgage Settlement and sponsoring the California Homeowner Bill of Rights, a package of laws instituting permanent mortgage-related reforms.
For more information on the U.S. Department of Justice settlement, visit: http://www.justice.gov/ .
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