High gasoline prices at gas stations in Garden Grove, California on Monday, March 7, 2022.
Jeff Gritchen | Medianews Group | Getty Images
The California average for a gallon of gasoline has risen to over $6, making the Golden State’s fuel the most expensive in the US
According to AAA, the median price at the pump in California hit a record $6,021 a gallon on Tuesday. Prices are up 31 cents in the last month and are $1.89 higher than a year ago.
California prices are at their most extreme, but gas is on the rise across the country.
The national average hit a record $4,523 on Tuesday, with each state now averaging more than $4.
The sharp increase is partly due to a surge in oil prices, which account for more than half of the final price of gas.
“The high cost of oil, the main ingredient in gasoline, is driving these high pump prices for consumers,” AAA spokesman Andrew Gross said in a statement Monday.
“Even the annual seasonal drop in demand for gasoline during the break between Spring Break and Memorial Day, which would normally contribute to lower prices, is having no impact this year,” he added.
But it’s not just oil that affects gas prices, a lack of refinery capacity is also driving up prices.
Refineries turn oil into petroleum products like gas, which we use every day. Demand for products is increasing as economic activity returns, but refining capacity is lower than before the pandemic, contributing to the rapid rise in prices.
Retail diesel prices are also on the move, with the national average for a gallon hitting a record $5,573 on Tuesday. Prices have increased by $2.40 in the last year.
https://www.cnbc.com/2022/05/17/californias-gas-average-tops-6-per-gallon-as-prices-across-the-us-surge.html The California gas average is above $6 a gallon as nationwide prices rise