California's average gas price hits new high

Fox Business Flash top headlines for November 15

Check out what’s clicking on

Drivers in California are getting hit the hardest when it comes to paying for gas. 

Currently, the average price for a gallon of regular gasoline in the state is about $4.682, a new record high, according to estimates by AAA. The national average is $3.415 a gallon, according to AAA.   


However, prices in some counties have surpassed $5 per gallon. Prices in Humboldt County are sitting at $4.97 per gallon while prices in Mono County are hovering at $5.51 per gallon. 

Prices in California, according to AAA, have been on an uphill swing, increasing from the $4.625 per gallon mark a week ago. About a month ago, prices were $4.466 per gallon, according to AAA. However, prices were hovering at $3.176 per gallon a year earlier. 

A man fuels a car at a gas station in New York, on Oct. 13, 2021.  (Xinhua via Getty Images / Getty Images)

Last week, Patrick De Haan, GasBuddy's head of petroleum analysis, already noted that the average gas prices in California were at "all-time record highs, beating out both 2012 and 2008 records." 

De Haan also addressed the unprecedented year-over-year increase in gas prices across the nation.


"We've never seen a YoY increase in #gasprices bigger than we have this year," De Haan tweeted. 

On Friday, prices increased 63% year over year. 

Meanwhile, President Biden has been trying to ease the pain on drivers across the nation by urging OPEC and allied oil-producing countries to pump significantly more oil and lower gasoline prices. 

However, the OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-members led by Russia, approved an increase in production of 400,000 barrels per day for the month of December. The plan is to open the petroleum taps bit by bit — even as oil prices have surged to seven-year highs. 

That hasn’t gone down well with Biden, who has made repeated calls to pump more oil. 

"Our view is that the global recovery should not be imperiled by a mismatch between supply and demand," a White House National Security Council statement said Thursday. "OPEC+ seems unwilling to use the capacity and power it has now at this critical moment of global recovery for countries around the world."

The Associated Press contributed to this report. 

Source: Read Full Article