Business

Pain at the pump: gas prices top $4 a gallon across Bay Area


Bay Area drivers hoping to get in on the national trend of cheaper gasoline prices around the country are only going to be disappointed when they head to the pump as the average price of a gallon of regular unleaded now costs more than $4 across the region.

According to AAA, average prices for unleaded hit the $4-a-gallon mark around the Bay Area kept rising Monday after hitting the $4-a-gallon point on Sunday. In San Francisco, unleaded reached $4.14 a gallon, on average, while in Oakland, that same gallon of gas could be had for $4.03 a gallon. Gas in San Jose was a relative bargain at an average price of $4.01 a gallon.

Local prices reflected a statewide gain in the cost of gasoline, as the average price across California rose by 28 cents from a week ago, to $4.02 a gallon–giving California the highest average gas prices in the United States.

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Jeanette Casellano, a AAA spokesperson, said prices on the U.S. west coast were on the rise due in part to “a number of refinery outages that have tightened supply in the market.” Casellano said that increased demand in the region “is contributing to price increases, and prices are unlikely to subside until supply is strengthened.”

Nationally, gas prices remained stable with a week ago at $2.65 a gallon. AAA said the negative price effects expected from last month’s attack on oil fields in Saudi Arabia have largely passed through the crude-oil industry, and gas prices around most of the country were back to levels prior to the mid-September attack.

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Source:: The Mercury News – Business

      

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