SAN FRANCISCO (CBS SF) — Gas prices dropped 30 cents in one month in the Bay Area and may stay low despite a typical increase in prices in the spring, AAA officials said.
High inventories of gasoline and continued production are being given as reasons for the continued low prices, which haven’t been lower since the Great Recession.
The average price of gas in the Bay Area is $2.42 in February, down 30 cents from January, according to AAA officials. Prices were down at least 21 cents in all Bay Area metropolitan areas compared to last month.
In San Francisco, the average price of gas dropped 25 cents while in San Jose the price dropped an average of 32 cents. The price in Oakland dropped an average of 31 cents, according to AAA.
AAA officials said demand for gas typically increases in February, which is also the start of gas refinery maintenance season when prices can go up.
But because gas and crude oil inventories are high, gas prices may stay low this year if no major supply disruptions or cuts in production occur, AAA spokeswoman Cynthia Harris said.
The national average price for gasoline is $1.73 and the average price in California is $2.49, according to AAA.
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