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Gas prices drop slightly in Bakersfield as OPEC increases production

Gas Pump (FILE)
Posted at 9:05 AM, Nov 08, 2021
and last updated 2021-11-08 12:55:25-05

BAKERSFIELD, Calif. (KERO) — According to GasBuddy, the price of gas at the pump has fallen .3 cents per gallon in the past week. That means you will be paying around $4.46 per gallon at the pump. That is based on a survey of 300 stations in Bakersfield. The price of gas in the city is 6.1 cents per gallon higher than a month ago, and $1.49 per gallon higher than this time last year.

The cheapest station in Bakersfield is priced at $3.97 per gallon as of Monday while the most expensive is $5.09. The lowest price in the state today is $3.85 per gallon while the highest is $6.39.

Historical gasoline prices in Bakersfield and the national average going back ten years:

  • November 8, 2020: $2.97/g (U.S. Average: $2.09/g)
  • November 8, 2019: $4.02/g (U.S. Average: $2.63/g)
  • November 8, 2018: $3.71/g (U.S. Average: $2.72/g)
  • November 8, 2017: $3.20/g (U.S. Average: $2.56/g)
  • November 8, 2016: $2.81/g (U.S. Average: $2.20/g)
  • November 8, 2015: $2.86/g (U.S. Average: $2.22/g)
  • November 8, 2014: $3.29/g (U.S. Average: $2.93/g)
  • November 8, 2013: $3.60/g (U.S. Average: $3.20/g)
  • November 8, 2012: $3.99/g (U.S. Average: $3.46/g)
  • November 8, 2011: $3.87/g (U.S. Average: $3.41/g)

Neighboring areas and their current gas prices:

  • Santa Barbara- $4.45/g, up 0.9 cents per gallon from last week's $4.45/g.
  • Los Angeles- $4.56/g, down 0.6 cents per gallon from last week's $4.57/g.
  • Ventura- $4.55/g, up 0.4 cents per gallon from last week's $4.55/g.

The national average price of gasoline has risen 1.8 cents per gallon in the last week, averaging $3.41. The national average is up 15.1 cents per gallon from a month ago and stands $1.31 higher than a year ago.

"Last week saw oil prices briefly fall back under $80 for the first time in weeks. While it wasn't enough to provide much relief last week, we should see small declines this week in a majority of the country, thanks to the corresponding drop in wholesale gasoline prices," said Patrick De Haan, head of petroleum analysis for GasBuddy. "At OPEC's monthly meeting last week, the cartel held firm to the small increases they agreed to in July, raising November production by 400,000 barrels per day. With President Biden still mulling over options to help push gas prices down, we could continue to see some volatility in oil prices. I don't immediately see a large decline or surge coming in the run up to Thanksgiving, but U.S. gasoline demand does remain strong. Levels are currently rivaling September demand, so we know high prices aren't significantly curbing consumption."