Average gas prices in California jumped an average of 13 cents to $5.07 overnight. Experts say, it will keep climbing.
The average price for gas in the Bay Area is almost at $5 a gallon. The ongoing war in Ukraine is causing prices at the pump to rise at fast rates."Most California cities will likely move to 5.25 in the next week, we could eventually see California at $5.50," he explains.
De Haan explains about 80 percent of the gas price increase is impacted by the crisis in Ukraine. The other 20 is because of the transition to summer gas prices.He says there have been decisions to try to remedy the gas price increase. Professor of economics at San Jose State Matthew Holian says despite the price jump, it's not time to panic yet.
And while Congress has considered suspending the 18% federal gas tax, Kevin Slagle with the Western States Petroleum Trade Association says they want California to look at long term solutions."It would have an immediate impact depending on which tax and how much, but the bigger issue for California especially is in the supply side, in production. If we could produce more here, we would have more energy independence.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Regular gas prices in California exceed $5 a gallon for 1st time everU.S. gas prices are surging at pace drivers haven't seen since Hurricane Katrina in 2005.
Read more »
Regular gas prices in California exceed $5 a gallon for 1st time everU.S. gas prices are surging at pace drivers haven't seen since Hurricane Katrina in 2005.
Read more »
Regular gas prices in California exceed $5 a gallon for 1st time everU.S. gas prices are surging at pace drivers haven't seen since Hurricane Katrina in 2005.
Read more »
Average Gas Price in LA County Tops a Whopping $5 Per GallonThe average price of a gallon of self-serve regular gasoline in Los Angeles County topped $5 for the first time Thursday, increasing 8.6 cents to $5.014.
Read more »
Much of Bay Area tops $5 average gas price for first time everBay Area gasoline prices have reached a brutal new milestone: For the first time ever, the average price per gallon has topped $5 in parts of the inflation-battered region.
Read more »
LA County Gas Price Hits $5 Average For First Time EverThe spike is mostly due to Russia's invasion of Ukraine. However, other factors such as inflation and California's switch to the summer blend could keep prices high for several months.
Read more »