Gas prices in San Francisco could reach an all-time high

Average price per gallon of gasoline In San Francisco it will likely hit an all-time high this week, approaching $5 per gallon, according to an industry expert.

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Patrick de Haan, head of petroleum analysis at GasBuddy, told FOX Business that the city “belongs to a class of its own” due to the fact that California has the highest gasoline taxes in the country as well as the high cost of doing business in the Gulf region.

In addition, “refinery issues that developed earlier this week due to the water flood” also play a role in the cost increase.

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If oil supply and prices continue to go in the wrong direction, drivers may see “closer to an average of $5 a gallon” although the odds of that happening are not guaranteed, according to De Haan.

On Tuesday, De Haan tweeted that prices in the area were already “just 1.2 cents off a new all-time high” and that San Francisco would be the first US city to set a new price record high since 2012.

However, gas prices rose nationwide.

Currently, the average price of a gallon of gasoline in the United States is about $3.36, up 3.8 cents from last week, according to GasBuddy, which compiled data from price reports covering more than 150,000 gas stations across the country.

Drivers may see some relief in the pump, experts say

Prices are up an average of 17.1 cents from a month ago and $1.21 a gallon higher than they were a year ago, according to the data.

“Gas prices have continued to rise in most parts of the country over the past week as higher oil prices drive up prices for gasoline and other refined products,” de Haan wrote in a blog.

However, de Haan noted that “there may be some light at the end of the tunnel” as long as there is no further jump in oil prices.

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