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Pain At Pumps

The cost of gasoline in California jumped eight cents overnight.The pain at the pump is poised to soar to the highest point this year and could beat 2008 records.Analysts blame a supply problem, fueled by a Chevron refinery fire in Richmond, California in August and pipeline outage at the Exxon refinery in Torrance this week.Inventories in California are lower than they’ve been in more than 10 years.The state’s supply is also hampered by its strict pollution limits requiring a special gasoline blend.Mark Schniepp, Ph.D. of the California Economic Forecast says its the perfect storm that is affecting supply and demand.But crude oil prices have not soared.Schniepp says there can be a disconnect between oil and gas prices if there are other issues like refinery problems.California Economic ForecastShare your comments about this story with us on the KEY News Facebook page. Connect with KEY News on Twitter

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