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.
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.
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.