California residents are currently facing the highest gasoline prices in the nation, with an average of $4.84 per gallon as reported by AAA. This marks a notable increase of 5 cents from the previous week and nearly 40 cents since January. Contributing factors include ongoing refinery maintenance, the production of summer blend gasoline, and California’s high gas taxes, which all inflate prices at the pump. Additionally, electric vehicle charging costs in the state are also comparable to national averages.
"Drivers in the Golden State are continuing to pay more at the pump than in any other state," the automobile association said in a Thursday, Feb. 20, news release.
California's high gas taxes also "push up the price of gasoline at the pump," said Derek Stimel, associate economics professor at UC Davis.
One cause of rising fuel costs is "ongoing repairs and maintenance at many California refineries, and production of summer blend gasoline," AAA said in its Thursday release.
Bay Area refining capacity is now half of its 2019 levels, contributing to the high gasoline prices in the state.
Collection
[
|
...
]