On Monday, drivers in Contra Costa County are on average now paying $5.54 per gallon of gasoline according to AAA. This is up 13 cents per gallon from last week.
Nationally, gas prices on average only moved up 5 cents to an average of $3.88 per gallon while California as a whole is up to $5.68 per gallon. In California, prices have increased 24 cents from last week and up 48 cents from a month ago. A year ago, California was paying on average $5.44 per gallon.
According to AAA:
The primary culprit is the surge in oil costs, which have jumped several dollars to hover around $90 per barrel.
“Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,” said Andrew Gross, AAA spokesperson. “The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs.”
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 to 8.31 million b/d last week. Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million bbl. Although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher.
Today’s national average of $3.85 is the same as a month ago but 15 cents more than a year ago.
California average gas prices
|Week Ago Avg.||$5.439||$5.635||$5.798||$6.097|
|Month Ago Avg.||$5.199||$5.401||$5.556||$5.704|
|Year Ago Avg.||$5.444||$5.646||$5.792||$6.298|