News

Bay Area gas prices skyrocket in past month

Average prices climb by 51 cents to $4.41 per gallon

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.

— Bay City News Service

Comments

Posted by gunste, a resident of Portola Valley: Ladera
on Mar 15, 2012 at 1:09 pm

No one is talking about the oil companies exporting gas to Europe, where they get more for their products. And locally, they charge what the traffic will bear. The local Shell outlet is always $0.18 and up to $0.30 higher than the Arco stations on Woodside Road, and even the Shell stations there are 10+ cents less than Ladera.

Between the speculation (30% of the futures market) and the local pricing, they are making out well, as usual.


Posted by not just Europe, a resident of Menlo Park: Downtown
on Mar 15, 2012 at 9:41 pm

Oil is being shipped from the Bay Area to Mexico, South America, and Asia. Drill baby drill is just increasing exports and oil company profits.


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