Apr 21, 2008 11:51 pm US/Pacific
SF Again Leading Nation With Highest Gas Prices
SAN FRANCISCO (CBS 5 / AP) ―
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The price board at a Shell gas station is shown in San Francisco on Monday.
AP
Retail gas prices hit another milestone Monday, tightening the squeeze on drivers by jumping to an average $3.51 a gallon at filling stations across the country.
The highest average gas price of any city in the nation was here in San Francisco at $3.98 a gallon Monday, according to AAA and the Oil Price Information Service. That's up from $3.88 a gallon in the city as quoted by the Lundberg Survey on Friday.
Across California, the statewide average for a gallon of regular on Monday stood at $3.86.
Crude oil, meanwhile, set a new record of its own, spiking above $117 a barrel Monday after an attack on a Japanese oil tanker in the Middle East.
Gas prices are expected to keep climbing as they trace the path of crude oil, which has now surged to new records for six trading sessions in a row.
Nationally, retail gas prices jumped more than a nickel over the weekend and rose nearly 16 cents in the last two weeks. They are up 23 percent - or 60 cents - from a year ago.
"It's killing us," said Jean Beuns, a cab driver who estimated he is making $125 to $150 a month less than in the fall because of costlier fuel.
For motorists, the worst may be still to come. That is because the summer driving season, when demand is at its greatest, has yet to begin.
"People want to drive, they need to drive, they have to go to their job," said Samer Katib, manager of a gas station. "But people who would drive around or go places for fun, they're not doing that any more. It's just go to your work and go home."
The Energy Department has predicted that monthly average gasoline price could reach the $4 threshold, particulary here in the Bay Area.
"It's uncharted territory," said Tom Kloza of the Oil Price Information Service. "I don't think we're done, but I have to believe we're in the eighth or ninth inning" of price increases.
The higher prices are already prompting some drivers to cut back.
Energy Department data shows gasoline consumption fell more than 1 percent during the four weeks ended April 11, compared with the same period a year ago.
That change in consumption patterns, while not drastic, is significant, said Mariano Gurfinkel, project manager at the Center for Energy Economics.
Americans will continue to drive, but some may change their summer receration plans as gasoline costs continue to make a bigger dent in their pocketbooks, Gurfinkel said.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
Cheapest Bay Area Gas Prices
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