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California Could See the Return of $4 Gasoline by May

Bloomberg [1]
February 1, 2018

Motorists in California, the state with the most expensive gasoline, could see pump prices that begin with a 4 again as oil markets rally.

Gasoline, which is currently averaging $3.30 a gallon in California, may reach $4 by Memorial Day, the traditional start of the demand-heavy summer driving season, according to Patrick DeHaan, head of petroleum analysis at Boston-based GasBuddy, which monitors fuel prices across the U.S. It would be the first time the state has seen $4 gasoline since July 2014.

Pump prices, which include taxes, are already 47 cents over the same time last year in California, the biggest statewide price change in the U.S.

“We are soon to be February and we are seeing the year’s lowest prices,” DeHaan said in a phone interview Wednesday. “The concern is that a year ahead will have a much higher floor than what we saw last year.”

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