July 13, 2024
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Gas Prices Surge in California, Nationwide: Consumers Brace for Impact amid Global Oil Market Turbulence

Californians are facing a significant increase in gasoline prices, with the average cost per gallon rising by 23.3 cents in the past week, reaching $5.29, according to GasBuddy’s latest survey. This marks a 44.3 cents per gallon increase from a month ago and a 46.6 cents per gallon increase from a year ago.

The data from GasBuddy, which surveyed 10,526 stations in California, also revealed that the national average price of diesel has increased by 3.1 cents in the last week, standing at $4.02 per gallon.

In California, the cheapest station reported a price of $4.34 per gallon yesterday, while the most expensive station charged $6.79 per gallon, indicating a substantial difference of $2.45 per gallon between the lowest and highest prices.

On a national scale, the average gasoline price has risen by 6.5 cents per gallon over the past week, reaching $3.57 per gallon today. This reflects an increase of 17.1 cents per gallon from a month ago but remains 0.8 cents per gallon lower than the average price a year ago.

GasBuddy’s historical data shows the fluctuations in gasoline prices over the past decade. Ten years ago, on April 8, 2014, the average price of gasoline in California was $4.03 per gallon, significantly higher than the current average of $5.29 per gallon.

Neighboring areas in California are also experiencing steep increases in gas prices. In Fresno, the average price per gallon stands at $5.28, up 36.3 cents from last week. In Modesto, the average price is $5.25 per gallon, reflecting a 35.5 cents per gallon increase from the previous week. Stockton follows closely with an average price of $5.20 per gallon, up 26.1 cents per gallon from last week.

Patrick De Haan, head of petroleum analysis at GasBuddy, attributed the recent surge in gas prices to extensive refinery maintenance on the West Coast, coupled with rising oil prices. De Haan warned that escalating crude oil prices, driven by OPEC’s production cuts and geopolitical tensions, are likely to contribute to further increases in gas prices across the West Coast and other regions transitioning to summer gasoline.

“After a brief break, gas prices have leapt back up,” De Haan stated. “We are not only facing the seasonal factors that push prices up but also escalating crude oil prices, with escalations between Iran and Israel adding to concerns of further destabilization.”

As Californians grapple with soaring gas prices, consumers across the nation are bracing for potential increases in the coming weeks, highlighting the complex interplay of global oil markets, geopolitical tensions, and seasonal factors in determining fuel costs.

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