Could CA See $4 Gas Prices Soon?

The pain at the pump you've likely been feeling in recent weeks saw a slight improvement this week, but it's not likely to last for long, according industry research. As of Thursday, the average price of regular gasoline across California was $3.34 per gallon, according to gasbuddy.com and AAA.

Experts with AAA say prices in the Golden State did just see a drop — the first in 2018 — but added that "it's unclear whether this one-week decline is a signal that cheaper gas is on the horizon."

"Some analysts predicted that rising oil prices could hit $80 a barrel and push California gasoline to $4 by this May, but AAA believes that is speculative," the agency said in its February gas price report.

"The Oil Price Information Service said in its 2018 outlook that $70 prices for crude oil are likely unsustainable in 2018, and after last week's stock market volatility, crude oil prices dropped nearly 8 percent. On Tuesday crude oil was selling for about $62 a barrel."

The agency noted that in early January, we were hit with "abnormally high" prices at the pump when Saudi Arabia and other OPEC countries began to cut oil production.

Still, Patrick DeHaan, head of petroleum analysis for gasbuddy.com, said in a recent interview with the Lodi News-Sentinel that the next few months are traditionally pricier than February.

"Prices should peak in the next couple of days, if they haven’t already," DeHaan told the newspaper on Wednesday. "March, April and May are the months where we usually see the most aggressive price increases at the pumps. Gas prices, by Memorial Day, could be 25 to 50 cents more per gallon than they are today, but I’m more apt to believe that we’ll see the lower end of that range."

AAA's increase estimates are a little more conservative, at 10 to 15 cents.

"California consumers should be prepared for prices to increase this year another potential 10 to 15 cents, but many market factors will drive that. Without a crystal ball, it's too soon to determine," said Michael Blasky, spokesman for AAA Northern California.

So, even if we see just another 25 cents added to today's average of $3.34 — get ready to dish out approximately $3.59 per gallon by May. Ouch.

Patch file photo by Renee Schiavone