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Gas prices in California continue to rise at a fast pace. This week they reached a new record average of $6.02 per gallon, leaving the other states behind and affecting the national average, which already exceeds $4.50 per gallon.
According to the American Automobile Association (AAA), gas prices in California today range from $5.72 to $6.76 per gallon.
Prices have been rising both in California and across the country
The average price in California has been steadily rising over the past year, jumping from $4.13 to $6.02, an increase of $1.89 over the past 12 months. The national average, on the other hand, has increased by $1.48 in that same period, rising from $3.04 to a record $4.52.
According to AAA data, all states have now averaged above $4 per gallon. The increase is mainly due to the high cost of crude oil, which is around $110 per barrel.
“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” Andrew Gross, AAA spokesperson, said in a statement on its website. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”
AAA data indicate that nationwide total gas holdings declined by 3.6 million barrels last week. Gas demand also decreased slightly from 8.86 million barrels per day to 8.7 million barrels per day.
The association explains that, although lower demand would usually put downward pressure on prices, the value of crude oil remains volatile and that has a direct effect on the price of gasoline. The projection, according to their estimates, is upward.
