SAN JOSE (CBS SF) – Believe it or not, wholesale gas prices on the West Coast are now among the lowest in the nation. That’s led to a dramatic drop in petrol prices in San Jose, in particular.
“In just the past week, San Jose is looking at a price decrease of 13-cents a gallon,” declared Gregg-Laskoski, a senior petroleum analyst with GasBuddy.com.
Gas prices in San Francisco have also dropped, by an average of 9.5-cents within the past week. He attributes the price change to the decline in crude oil prices, which have been pushed down by debt worries in Europe, coupled with optimism about a possible nuclear deal with Iran.
“Hopefully there will be a good result coming out of Moscow that tells us we’ll avoid any type of military conflict in the Middle East,” Laskoski said. “All of these things I think are pushing crude oil prices lower.
KCBS’ Matt Bigler Reports:
No matter the reason, San Jose drivers were just glad to find the lower prices at the pump.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)