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Bay Area gas prices approaching record highs
Gas and diesel prices are surging across California with no sign of relief in sight for months. On Friday, the statewide average for a gallon of regular gasoline increased by 5 cents overnight to $6.06.
OAKLAND, Calif. - Gas and diesel prices are surging across California with no sign of relief in sight for months.
On Friday, the statewide average for a gallon of regular gasoline increased by 5 cents overnight to $6.06.
However, the six major Bay Area markets – which historically see higher prices than the rest of the state – saw an even sharper spike of 8.2 cents overnight.
Prices continue to rise
Following Friday’s price jump, the average price for regular gas in the Bay Area sits at $6.24.
The region is quickly approaching the all-time record of $6.61, set in June 2022.
If prices continue to rise by 5 cents a day, the record will be broken by next weekend; if the 8-cent daily trend continues, a new record could be set by Wednesday.
Local perspective:
The rapid increase is being felt nationwide, leaving even long-time drivers stunned.
"I've never watched the price ever go up this fast in my life, and I'm 71 years old," said David Yeunger.
The financial impact is stretching also beyond those living paycheck to paycheck, forcing many families to reconsider daily activities.
One customer noted that high prices are causing them to pause on youth sports, dining out and shopping trips.
The situation is even more dire for diesel, which has climbed toward $8 a gallon.
One delivery driver, Celestino Falazar, reported paying $300 for just 38 gallons of fuel.
"Right now, it's about $8 a gallon where we normally fill it, but that's pretty outrageous," Falazar said. "I think it's impacting all trucking companies probably throughout the state right now."
While Falazar expressed a desire to trade his V8 pickup truck for an electric vehicle to save on costs, he noted that personal financial obligations like his mortgage make that transition impossible for now.
Why the cost?
Big picture view:
Global instability is a primary driver of the spike.
Approximately 20% of the world's supply of crude oil and petroleum products is currently hampered by the closure of the Strait of Hormuz.
"It remains a very high-risk region and one where you don't see shipowners willing to move their assets and their people through the strait because of those risks," said Chevron CEO Mike Wirth.
The Source: Chevron CEO Mike Wirth, interviews with Bay Area motorists