Have Gas Prices Peaked?

Tired of paying $50 or more for a tank of gas? Are the prices finally going down? Good questions and probably ones we can’t quite answer right now.

For the fourth day in a row on Tuesday, California broke the state record on gasoline prices. According to the AAA Fuel Gauge Report, the average price for a gallon of regular gasoline was $4.671, an increase of 0.3 cent overnight.

The only good news – the rise continues to lose a bit of momentum although experts said it’s still possible that prices will continue to jump.

According to AAA figures, gas prices in the state are almost 49 percent higher than they were a week ago. California also topped the nation in prices by almost 50 cents.

Part of the problem is attributed to a series of refinery problems across the state, including the August fire at the Chevron refinery in Richmond.

On Sunday, Governor Jerry Brown ordered the winter-blend gasoline could be sold in the state in hopes of increasing the fuel supply.

So next time you complain about that crowded Muni bus or no air conditioning on BART, think of the idea of driving everyday and spending a small fortune on gas.

Photo Credit: MrPrada, via Wikimedia Commons

It's simple. Keith Mizuguchi loves to write and write and write some more. After taking a hiatus from the journalism business, he has rekindled his passion for writing over the last two years, holding a job as both a web and on-air writer for San Francisco news radio station KCBS. While he enjoys the news business, his true passions are twofold: sports and food. Bay Area born and raised, he lives in San Jose, commutes to SF and loves every minute of it. You can follow his food adventures on Twitter @foodie_keith.