Business & Real Estate

Sacramento-area gas prices spike 12 cents in a week’s time

A surge in oil prices and disruptions at Northern California refineries combined to produce a 12-cents-a-gallon spike in Sacramento-area gasoline prices over the past week – higher than increases statewide and across the nation.

National gas price tracker GasBuddy.com said Monday that the average retail price of gas in the Sacramento area was $2.99, up from last week’s $2.87.

Statewide, AAA reported that unleaded regular was going for an average of $3.06 a gallon, up 8 cents from last week. Nationally, the average price of unleaded regular was around $2.35 a gallon, up about 2 cents over the past week.

GasBuddy said the current Sacramento-area gas price was up 30 cents from the Memorial Day holiday week a year ago. However, the current average is significantly lower than $3.52 a gallon at this time in 2015 and $4.05 per gallon in 2014.

Patrick DeHaan, senior petroleum analyst for GasBuddy, noted that crude oil prices surged $3 a barrel last week, pulling gasoline “higher across a good portion of the U.S.” He added that “flaring issues” at some Northern California refineries and reduced production had helped create “a perfect storm for rising prices in California, just in time for the busy (summer) driving season.”

Mark Glover: 916-321-1184, @markhglover

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