Bay Area Gas Prices Drop Amid Abundant Supply
SAN FRANCISCO (CBS SF) – While gas prices in California are among some of the highest in the nation, abundant gasoline supplies this summer have led to relatively cheap prices statewide, American Automobile Association officials said Tuesday.
In the Bay Area, the average price for unleaded gasoline was reported at $2.69, down by $0.20 from July, which is slightly higher than the state average price of $2.66, which down by $0.22 from last month, AAA officials said.
Even with dwindling prices, however, San Francisco still leads the Bay Area, as well as the state, with the most expensive price for gas at $2.83 per gallon, which is down just $0.06 from last month.
Some of the cheapest gas prices in the Bay Area can be found in Fremont and Vallejo. In Fremont, the price of gas was reported to be $2.58 per gallon, down by $0.27 from last month, while gas in Vallejo costs $2.59 per gallon, down by $0.21 from last month, according to AAA officials.
"With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the summer and into the fall," AAA spokeswoman Cynthia Harris said. "Provided the next month does not bring a major market-moving event, like a major hurricane or escalating geopolitical tensions overseas, prices are likely to remain at relatively low levels."
The national average price for gas was reported to be $2.12, which is the lowest price for this date since 2004, AAA officials said.
The falling gas prices are a result of relatively few refinery problems this summer, compared to a number of regional issues that occurred last year during the summer months, according to AAA officials.
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