Business & Real Estate

Sacramento gas prices spike 42 cents in three weeks

Oil and gas drilling.
Oil and gas drilling. AP

Gas prices are going up much faster than they dropped last fall.

The average retail price of gasoline in the Sacramento area climbed another 11 cents over the past week to $2.77 a gallon, according to national gas price tracker, which takes a daily survey of more than 700 regional gas outlets.

Local at-the-pump costs have spiked 42 cents over the past three weeks.

The current average price is nearly 40 cents higher than a month ago but is still 79.1 cents lower than this time last year.

The national average price of gas rose 4.7 cents over the past week to $2.29 a gallon, up 26.6 cents from last month but $1.11 below the year-ago average.

GasBuddy noted that California easily led the nation in the rate of price gain last week, up 15 cents to a statewide average of $2.93 a gallon. Energy experts said the state’s average was driven up by sharp price increases in Southern California, prompted by last week’s explosion at an ExxonMobil refinery in Torrance.

On Monday, the average gas price in Los Angeles was $3.07 a gallon, up from $2.85 a week ago.

“The seasonal lift in gasoline prices remains well under way across the country, with the West Coast seeing the most excruciating rate of price increases,” said Patrick DeHaan, GasBuddy senior petroleum analyst.

Call The Bee’s Mark Glover, (916) 321-1184.