California Gas Prices Hit $3 Per Gallon, First Time Since 2015

California Gas Prices Hit $3 Per Gallon
Posted at 7:21 AM, Mar 07, 2017
and last updated 2017-03-07 10:21:38-05

Gasoline prices in California have reached an average of $3 per gallon, a rate not seen since September 26, 2015.

Gas prices in California have risen nearly 40 cents per gallon in the last three months. This boost in oil prices is, in part, due to the November 30 decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production.

In addition, California’s transition to CARB-mandated cleaner gas has added nearly 20 cents in a month. Southern California’s transition will be completed by April 1st, whereas areas of Central California will complete it by May 1st and areas of Northern California will complete it by June 1st.

The transition to summer gasoline and refinery maintenances will contribute to an acceleration of gas prices over the next 4 to 6 weeks. According to Patrick DeHaan, GasBuddy Senior Petroleum Analyst, "average prices could rise another 20 to 40 cents per gallon over the next few months, making it the most painful spring and summer at the pump in years."