The heat of summer has yet to arrive, yet prices at the pump are heating back up; local stations see over 5 dollars for a gallon of gas.
According to GasBuddy, prices in CA are creeping back to the last price hike in late November, when gas cost around $6 a gallon. Today’s state average hovers near $5.31.
Gas prices remained steady nationally last week but have resumed their upward trend, increasing by 6.5 cents per gallon to reach $3.57 today, as per GasBuddy data. This marks a rise of just over 17 cents from a month ago but is marginally lower than a year ago. Diesel prices have also climbed by nearly 3 cents per gallon in the past week, standing at $4.02 per gallon, which is 15 cents lower than a year ago.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributes this increase to extensive refinery maintenance on the West Coast, resulting in notable price hikes in the region. He points out that while some states have seen price declines, the overall trend is upward due to rising oil prices, reaching nearly $87 per barrel, the highest since October. De Haan highlights seasonal factors such as refinery maintenance, the shift to summer gasoline, rising demand, and escalating crude oil prices due to OPEC’s production cuts and geopolitical tensions between Iran and Israel.
He predicts that gas prices in the region will continue to rise, putting pressure on your wallet just in time for summer.
