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Gas prices are still low, but may be rising again soon

Gas pump
Posted at 3:00 PM, Aug 24, 2022
and last updated 2022-08-24 18:56:42-04

BAKERSFIELD, Calif. (KERO) — Gas prices are setting a new kind of record at the pump: Prices have dropped for 70 days in a row.

According to Triple-A, the national average for a gallon of regular gas has dropped every single day since mid-June. This summer has seen the longest stretch of falling gas prices in nearly 20 years. The recession, fears about China's economy, and President Joe Biden's unprecedented release of emergency oil from the national stockpile has contributed to the steady drop.

Wednesday the national average for a gallon of regular gas was $3.88, but the situation appears to be ready to change. The price of US crude rose this week for the first time in months. If oil prices continue to rise, gas prices will not be far behind.

In California, the average price of gas is much higher than the rest of the nation, still sitting above $5.00 per gallon. In Kern County, the average among stations is $5.40 for regular gas.