Gas prices are high at stations in Garden Grove, California, on Monday, March 7, 2022.
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The California state average for a gallon of gas has risen above $6, making the fuel in the Golden State the most expensive in the nation.
The average price at the pump in California hit a record $6,021 per gallon on Tuesday, according to AAA. Prices are up 31 cents from the previous month and $1.89 higher than they were a year ago.
California’s prices are the highest, but gas is rising nationally.
The national average hit a record $4,523 on Tuesday, with each state now averaging more than $4.
The spike was partly due to rising oil prices, which accounted for more than half of the final gas price.
“High prices for oil, a key ingredient in gasoline, are leading to high pump prices for consumers,” said Andrew Gross, a spokesman for AAA.
“Even the annual drop in seasonal demand for gasoline during the lull between spring break and Memorial Day, which usually helps lower prices, should have no effect this year,” he added. said more.
However, oil is not the only factor affecting gas prices, and a lack of refining capacity is also driving prices up.
Refineries turn oil into petroleum products like gas that we use every day. Demand for the product is picking up as economic activity returns, but refining capacity is below pre-pandemic levels, which is contributing to a rapid price increase.
Retail diesel prices are also moving, with the national average for a gallon hitting a record $5,573 on Tuesday. The price has increased $2.40 over last year.
