Gas prices likely to rise due to Torrance refinery explosion

LOS ANGELES (KABC) -- Gas prices are likely to go up in California due to the explosion at the Exxon Mobil refinery in Torrance.

The Exxon Mobil refinery processes 155,000 barrels of oil a day.

In 2012, gas prices set a record at $4.71 a gallon -- just two months after the Richmond refinery fire in August 2012.

Soon after Wednesday's blast at the Exxon Mobil refinery, the price that gasoline trades at spiked 12 cents. The price impacts how much gas stations pay to buy their gas.

Gas stations typically refuel at night, so when they do, the price increase will likely be passed along to consumers.

Even without the explosion, California residents were going to see higher gas prices for the summer anyway.

"Usually we see prices increase in the spring because of the switchover to summer formulation gasoline, and the fact that they expect demand to increase," said Jeffrey Spring of the Auto Club of Southern California.

The Exxon Mobil refinery produces 10 percent of the gas sold in the state, but it's a special blend of gas specifically sold in California. Gas prices are unlikely to spike to the same degree for the rest of the country.

PHOTOS: Explosion at Exxon Mobil refinery in Torrance
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