California gas prices stabilized as the average gallon of gasoline in Contra Costa County stands at $5.59 per gallon Friday, down a penny from last week.
According to AAA, the current average cost of a gallon of gasoline in California stands at $5.40 per gallon. Down 3 cents from a week ago. Gas was $4.91 and a month ago which matches the same price it was a year ago.
The national average is $3.69 per gallon.
According to AAA:
“The situation overseas with war in both the Middle East and Ukraine has the oil market on edge,” said Andrew Gross, AAA spokesperson. “But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and ahead of Memorial Day. So the national average for gas may waffle a bit with small increases, some flat days, and even some price dips.”
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.61 to 8.66 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 1.1 million bbl to 227.4 million bbl. Higher demand and a rise in oil prices could push pump prices higher.
Today’s national average of $3.67 is 21 cents more than a month ago and the same as a year ago.
Quick Stats
The nation’s top 10 least expensive markets: Mississippi ($3.11), Colorado ($3.16), Louisiana ($3.18), Oklahoma ($3.22), Arkansas ($3.23), New Mexico ($3.26), Tennesee ($3.26), Kansas ($3.26), Alabama ($3.27), and South Carolina ($3.27).
The nation’s top 10 most expensive markets: California ($5.45), Hawaii ($4.78), Washington ($4.67), Nevada ($4.63), Oregon ($4.44), Alaska ($4.37), Arizona ($3.13), Utah ($3.96), Illinois ($3.96), and Idaho, ($3.93).
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $2.67 to settle at $82.86. Oil prices dipped as the EIA reported crude oil inventories increased by 2.7 million barrels from the previous week. At 460.0 million barrels, U.S. crude oil inventories are just 1% below the five-year average for this time of year.
California average gas prices
| Regular | Mid-Grade | Premium | Diesel | |
|---|---|---|---|---|
| Current Avg. | $5.450 | $5.667 | $5.829 | $5.449 |
| Yesterday Avg. | $5.453 | $5.668 | $5.832 | $5.450 |
| Week Ago Avg. | $5.438 | $5.633 | $5.798 | $5.448 |
| Month Ago Avg. | $4.917 | $5.126 | $5.291 | $5.381 |
| Year Ago Avg. | $4.912 | $5.125 | $5.273 | $5.312 |
National average gas prices
| Regular | Mid-Grade | Premium | Diesel | E85 | |
|---|---|---|---|---|---|
| Current Avg. | $3.679 | $4.129 | $4.467 | $4.052 | $2.982 |
| Yesterday Avg. | $3.674 | $4.123 | $4.461 | $4.055 | $2.978 |
| Week Ago Avg. | $3.634 | $4.088 | $4.424 | $4.057 | $2.958 |
| Month Ago Avg. | $3.489 | $3.921 | $4.259 | $4.040 | $2.843 |
| Year Ago Avg. | $3.684 | $4.095 | $4.419 | $4.203 | $2.935 |
6 comments
WOW 🤩
A whole penny!
Now I can pay my mortgage and buy food.
Not for long.
Paid $5.30 at Costco 2 days ago so gas is higher. Joe must have said “Don’t” and the price went up. Paid $1.70g less last week in Arizona. Just saying.
$4.10 premium Costco Twin Falls Idaho. there are no refineries in Idaho, how can this be?
Idaho is not in California- that’s how.
If you get a gallon of gas at $6 a gallon that comes out to about 5 cents an ounce, if you get a Starbucks and you get a 16oz venti mocha at $5.50, that comes out to about 35 cents an ounce. It’s kind of funny that people get outraged over gas prices but we’ll go sit in line at Starbucks for 20 minutes, while burning gas , to get a shitty coffee.