Oil Surge Has Gas Breach $5 A Gallon In First US City
By FOX Business
Posted on 03/04/22
| News Source: FOX Business
San Francisco has become the first city in the United States to breach an average of
$5 a gallon, according to an industry expert as the
Russia-Ukraine conflict juices oil prices, which topped $113 in trading Thursday.
"It's been quite ugly as gas prices rise nationally, but nowhere has the pain been more significant than California, where prices have breached the $5 gallon mark," Patrick De Haan, head of petroleum analysis for GasBuddy, told FOX Business Thursday.
Currently, the state average for a gallon of regular gasoline in California is $4.940, according to AAA. It's a significant leap from the national average of about $3.728, according to AAA data.
De Haan wanred that prices "will continue to head north" and could even reach $5.35 per gallon by the end of March.
For several weeks, there have been widespread fears that sanctions placed on Russia would threaten the global oil market, already facing a tight supply, and eventually drive up gas prices for U.S. motorists.