California sees record gas prices; state has done ‘everything you could do to make prices go up,' expert says
The average price of a gallon of regular gas reached over $6 across the state Monday as Americans gear up for the Memorial Day weekend
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California gas prices continue to climb as the statewide average price per gallon reached $6.06 Monday.
Nationally, the price of gas hit $4.59 per gallon, according to AAA. The record-highs come as inflation continues to rise and the demand and cost for oil increases.
The statewide average a year ago was $4.16 for regular unleaded gas.
The average price for a gallon of gasoline in the Los Angeles area was $6.09, compared to $6.32 in San Francisco.
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A customer pumps gas into their car at a gas station on May 18, 2022, in Petaluma, California. Gas prices in California have surpassed $6.00 per gallon for the first time ever. The average price per gallon of regular unleaded gasoline in California i ((Photo by Justin Sullivan/Getty Images) / Getty Images)
Phil Flynn, a senior energy analyst at The PRICE Futures Group and Fox Business contributor, said prices may top out around the Memorial Day weekend, a time when millions of Americans are expected to take road trips.
"Alot of times when we anticipate a tight market and increase in demand, once we hit that demand, we pull off," he said. "If I were looking for a top on prices, I would predict it would be right around the Memorial Day weekend and then I think prices will cool down."
Some of the pain customers are feeling stems from supply chain issues and glitches in local refineries in Southern California.
California in particular has several challenges when it comes to fuel costs, Flynn said, citing the state's restrictions on refineries, clean air policies and other factors.
"If you wanted to write a script about how you can make gasoline prices go higher, I think California is it," he said. "Everything you could do to make prices go up, they've done it."