Gas prices in California soared past $6 a gallon for the first time ever, AAA said. When will the price at the pump go down.?
In California, gas was $6.05 a gallon on average as of Wednesday and prices in the Bay Area were even higher, reaching $6.29 a gallon in San Francisco. When will prices go down?, head of petroleum analysis at Gas Buddy.
"I really don't see much that would push prices down over the coming weeks or even months," de Haan wrote in an email."I don't think we'll see relief until there's improvement in global supply or a reduction in global demand. Things like a resolution between Ukraine and Russia, or a economic slowdown, all signs are pointing to up, but not so much down.
Severin Borenstein, an energy economist at UC Berkeley's Haas School of Business, agreed there's no indication that a price drop is coming soon, but he did point to one promising forecast. "The futures market is predicting that oil prices will decline by an amount that would translate to about 50 cents a gallon at the pump by the end of the year," Borenstein told SFGATE over the phone."It's a completely believable prediction, but not certain by any means. The price could drop more than that, or it could go up. I think the one thing people can count on is a lot of volatility.
The price of crude oil drives the cost of gas. Right now, supply is limited and that means high prices. The supply issues started during the COVID-19 pandemic. Demand for oil plummeted early in the pandemic and then rebounded, but production and supply struggled to keep up. Borenstein said oil companies are having a hard time bringing back workers and getting their equipment back up and running.
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