By Entrepreneur Staff
San Francisco just set a new all-time high record for gas prices.GasBuddy reported Thursday that the price in the Bay Area hit $4.75 a gallon, which beat the record of $4.743 that was set in 2012.
As local news outlet KRON 4 pointed out, the price for a gallon of gas in the area a year ago was $3.42.
California has the highest gasoline taxes, which helped propel San Francisco to the top spot. GasBuddy’s Patrick De Haan told Fox Business that the gasoline taxes, high cost of doing business in the region, and “refinery issues that developed early this week due to the deluge of water” all contributed to the high price.
De Haan also warned that if oil supply and prices continue to rise, the average price could get closer to $5 a gallon. There is no guarantee that will happen, he said.
Gas prices have been rising around the country. Per AAA, the national average price for Friday is $3.401, with states like Washington, California, and Nevada seeing highs of $4.588 to $3.571 per gallon and states like Minnesota and Wisconsin seeing lower prices between $3.180 and $3.022. Mid-grade gasoline is averaging $3.74 across the country and premium is averaging $4.01 while diesel sits at $3.63.
The average price of a regular gallon of gas a year ago was $2.147.
