The price for a gallon of regular gasoline has risen to about $5 in San Francisco. The Chico’s in Southern San Francisco charges $5.03, according to GasBuddy.
For the most part, the most expensive gasoline in the country is sold in California, which has the highest average price among all states. Prices in parts of the state are well over $3.50. As a matter of fact, of the 50 stations in the country with the most expensive gas nationwide, 44 are in California. These cities include San Francisco, Los Angeles, Thousand Oaks, Studio City, San Bruno, Sana Monica and Glendale.
That national average will go lower, probably much lower. Crude oil prices have dropped to $30 and continue to trade slightly above that. A year ago, the price was nearly $65 a barrel. One main reason for the drop in gasoline prices is the sea of available oil, due in part to a flood from Saudi Arabia, and perhaps to falling demand as the global economy slows. Despite the loud protests of other OPEC members, the kingdom said it will keep pumping.
Oil inventory and price are not the only factors. Proximity to refineries is also an issue. The average gas price in Alabama is $1.56, in Oklahoma $1.43 and in Texas $1.57. All are near the huge refineries south of Houston and on the Gulf of Mexico, which is dotted by deepwater oil drilling platforms.
24/7 Wall St.Gasoline taxes by state are another factor. The average nationwide is $0.48 per gallon, according to the American Petroleum Industry. California has the fifth highest gas tax in the United States at $0.59 a gallon, which is likely the reason that gas prices are so high across the state. Residents face gas prices at the high end of the national average, if only for that reason.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
