The spot price of Gasoline is rising in the Los Angeles area after an explosion Wednesday morning at an ExxonMobil refinery in Torrance, California. Analysts say spot prices, which are the basis for retail prices have gone up 12 cents since the blast. Patrick DeHaan Senior Petroleum analyst with GasBuddy.com, says motorists in L-A may feel the effects later this week: He says this is an event that will cause retail prices not to go up necessarily in the next few hours, but in the next few days. They may rise anywhere from 3 to 7, perhaps 10 cents a gallon.
ABC’s Aaron Katersky joined us from New York to discuss.
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