Ask Us: Why Have Gas Prices Gone Up So Much So Quickly?
SACRAMENTO (CBS13) - Gas prices have spiked 7 cents a gallon in the last month nationally and 15 cents in California, according to the latest price statistics gathered by AAA.
In California:
- Current Average: $3.76
- 1 Month Ago: $3.61
- 1 Year Ago: $3.09
The price does vary by region.
- Sacramento: $3.65
- Stockton: $3.60
- Fairfield: $3.66
- Yolo: $3.61
- Yuba City: $3.53
- Modesto: $3.56
Viewer Bernadette Treadwell filled out a form on cbs13.com/askus:
"My husband and I have noticed an amazing hike in gas prices recently! One week ago we purchased has at $3.26.9 a gallon! Today the same gas was $ $3.47.9 a gallon!! Why has the price of gas risen so quickly in such a short amount of time? And, is it only going to get worse? Just wondering?!"
SEE: Ask Us: How Much Are The Taxes And Fees In A Gallon Of Gas?
According to AAA:
"The last quarter of the year has kicked off with gas prices that feel more like summer than fall," said Jeanette Casselano, AAA spokesperson. "This time of year, motorists are accustomed to seeing prices drop steadily, but due to continued global supply and demand concerns as well as very expensive summertime crude oil prices, motorists are not seeing relief at the pump."
GasBuddy gave a similar explanation:
"Overarching concern over tightening global oil supplies, in advance of U.S. trade sanctions on Iran, have helped WTI rise $2.47 a barrel in just the past week, while Brent crude oil picked up nearly $4 in value to achieve thresholds not seen since November, 2014," said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. "Looking ahead, the squeeze in global supplies will almost certainly put gasoline prices under pressure and provide a strong basis for further increases at the pumps at a time when drivers are accustomed to seeing prices soften. Short of producing countries suddenly finding a million spare barrels of oil over the month of October, drivers should brace for even higher prices over the next several weeks."
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