Economy

Gas Prices Across the State See Increase

Written by Lev Finzi

Gas prices have been at a record high for the state of California. Currently the statewide average is sitting at approximately $6.114, and it’s going to go up from there. For the first time in California’s history, the state average has gone up to above $6 per gallon. The national average is sitting at $4.671 as of today, June 1st, 2022.

The average has gone up approximately 9.6 cents over a six-day period, with only one day the price went up an estimated 3.3 cents. Just last month, gas was 33.4 cents cheaper, and a year ago it was $1.926 cheaper.

One gas station in Menlo Park had acquired some attention from their gas prices being $7.25 for a gallon of regular gas, and $7.75 for a gallon of unleaded gas. This was recorded on Tuesday.

Ever since the beginning of the war between Ukraine and Russia, gas has gone up $1.358. The war began on February 24th, and it caused a huge splash in the oil industry, and will for sure keep it at this price for a good while.

A barrel of gas from ICE Future Europe had gone down $2, just a day after being increased to $2.04. Just a day later gas had gone up a total of 2 dollars, from $115.60 a barrel to $117.60 a barrel.

Experts had proposed the gas price had gone up due to the comments made by the Shanghai Vice Mayor Wu Qing relating to the COVID-19 restrictions. He stated that when the restrictions are lifted, a depletion in supply would occur from European leaders placing an oil embargo on the Country of Russia.

This will result in raw oil costing approximately more than half of the price at the pump. Everything else has been added on afterwards, like the gasoline, production, distribution, and overhead paid for by the different refineries in California.

Photo Cred: Fox 5 NY/ Fox 2 KTVU