SAN JOSE (CBS SF) – Gas prices have been surging since February, but the analysts at GasBuddy.com say we may be nearing a peak and could be saving as much as half a buck a gallon off of current rates by the Fourth of July.
Oil prices have dropped in recent trading sessions and GasBuddy forecaster Patrick DeHaan said a slowing national price increase is likely indicating a slowdown in pump prices.
“The West Coast will likely continue to see relief coming as wholesale prices have shed enough for me to believe that California has seen its peak price pass,” DeHaan wrote on the GasBuddy blog.
DeHaan told the San Jose Mercury News prices on the West Coast could fall to as low as $3.80 a gallon by July. Currently the average price for regular unleaded in the San Jose area is $4.22, in San Francisco the cost is $4.31.
It would be welcome relief for Bay Area drivers, who already pay much higher rates than the national average and have seen the cost of gas shoot up nearly a quarter per-gallon over the last month.