As the war in Ukraine rages on, international oil markets have experienced a profound shock. This came on top of supply issues that had already pushed gas prices to highs not seen in years. Here in the Bay Area, the combination of existing supply issues and disruptions from Russia’s aggression have resulted in gas prices approaching $6 per gallon in many places.
According to data from AAA, the average gas price in the Bay Area is now $5. That’s a record high. In many towns, though, prices are much higher. Gas prices reportedly increased past $6 per gallon in several expensive areas of the region.
As of Saturday evening, the Bay Area Telegraph observed gas prices of $5.69 per gallon for Regular gasoline in Lafayette, California. Filling up the tank of a standard car now costs between $50 to $100, and large vehicles can cost far more to fill.
When will prices come down?
The war in Ukraine is a major factor pushing up Bay Area gas prices in the short term. There are still deeper factors at play, though. With pandemic measures abating, people are driving more. Commutes have returned for many people as well. That means there’s more demand for fuel.
We’re also coming into the busy Spring and Summer months when people tend to drive more for vacations and other travel. That tends to drive up prices as well.
That means more bad news for Bay Area drivers. No one knows how much the short-term impacts of the Ukraine war will affect Bay Area gas prices. It’s very possible that prices could exceed $6 per gallon or even $7 per gallon if the conflict continues.
If you drive a lot in the Bay Area, maybe it’s time to invest in an electric car.