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Average gas prices in the Bay Area have skyrocketed in the past month, jumping by 51 cents to $4.41 on average per gallon, according to a report released this week by AAA.
The increase in local gas prices outpaces the jump in average prices nationwide. AAA officials said that across the country, gas prices rose by 30 cents to $3.81 per gallon, from February to March. The region’s average gas price is slightly higher than the state’s, which is $4.36 per gallon.
AAA officials, who monitor the prices as a service to consumers, say increased buying activity by investors in oil and gas futures and political tensions with Iran have pushed prices upward. San Francisco is among the cities with the highest average prices in the Bay Area at $4.43 per gallon, while Vallejo is among the lowest in the region at $4.31, according to AAA.
The high prices come despite dropping demand for oil — a U.S. Department of Energy report released last week found that the nation was using 8.36 million barrels a day, the lowest rate since March 2001.
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Yep, it sure hurts every time I fill up. But oil is a finite resource and demand for it is rising. Now is a good time to make yourself less vulnerable by hedging against future price hikes. Get a bike. Consider moving closer to shopping / friends / work.
Its an international market with rising international demand for a product that is non renewable. Guess where prices are heading?
This has absolutely nothing to do with supply and demand. This is happening because of speculators buying up oil futures. We should not let out of control hedgefunds drive the American economy. Greed at all cost is what’s destroying America!
The ARCO station by my house shot up to $4.27.9 per gallon in less than a month. Then the price stabilized for two weeks. Finally the cost fell—by only TWO CENTS!!! Will the cost go down more??? Well time will tell…
When you have refineries shutting down supply dwindles and prices go up. It is as simple as that. The oil companies love that they have to re-blend their fuels, they make a ton of money during that periods.