Average gas prices in the San Francisco metro area today reached a new all-time high of $4.75 per gallon, according to GasBuddy, the leading fuel savings platform providing North American drivers with the most ways to save on gas. Prices have now breached the previous record of $4.743 per gallon, set over 3,300 days ago in 2012.
While the reasons for the rise are many, the bulk of the move can be attributed to heavy rains in the Bay area, which caused some refinery outages, on top of the highest global oil prices in over seven years due to a developing energy crunch and as demand surpasses oil supply globally. In addition, California has its own CARB-mandated gasoline, and in recent years, California also voted to approve raising gasoline taxes to the highest in the country.
“The Bay area just recorded the nation’s highest ever average price of gasoline in the United States; certainly a feat that even last year seemed impossible. But thanks to myriad challenges, derived from the Covid-19 pandemic, the average fillup now costs motorists in the Bay area nearly $62. This is nearly a 65% premium to the average price in the cheapest U.S. city today - Lawton, Oklahoma, where the average stands at just $2.86 per gallon,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “While prices in the Bay soared to similar levels in 2012, they were temporary as a result of a refinery fire. My concern here is that even after refineries get back online after a deluge of rain, prices may remain near or at record levels thanks to the continued rise of the price of oil.”
While the pain at the pump has never been this bad, there remains a possibility that prices could eventually rise to nearly $5 per gallon in the Bay area if oil production doesn’t catch up to the global rise in demand. But while that sounds ominous, motorists in Hong Kong, where the average price is approaching $10 per gallon, would love to pay Bay area prices.
About GasBuddy
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded nearly 100 million times. Acquired by PDI Software in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit www.gasbuddy.com.