AAA: National Gas Price Average Holds Steady Amid Tensions with Iran

According to AAA, the national gas price average held at $2.58 but caution it could change depending on the movement of crude oil prices due to geopolitical concerns.

In California, the average cost of a gallon of gas is $3.54. Locally in Contra Costa County, gas in Antioch (Arco on Hillcrest) is listed at $3.09 while stations around Brentwood, Concord, and Pittsburg listed gas around $3.15 per gallon.

Following airstrikes in Baghdad last Friday, which killed Iran’s Major General Qassem Soleimani, crude oil prices increased, causing market speculation about what could happen to gas prices in the near-term.

“It’s typical to see crude oil prices push more expensive amid current events,” said Jeanette Casselano, AAA spokesperson. “What this increase means in terms of retail prices is yet be seen. It depends on how expensive crude oil prices go and the duration at which it sells at a higher price point.”

Today’s national average is $2.58, which is the same price as last Monday and last month, but 34-cents more expensive than the beginning of 2019.

West Coast

Pump prices in the region continue to drop into the New Year. On the week, Nevada (-3 cents) and Alaska (-3 cents) saw the largest decreases in the region. Hawaii ($3.65) and California ($3.54) remain the most expensive markets in the country. Washington ($3.15), Nevada ($3.01), Oregon ($3.01), Alaska ($2.96) and Arizona ($2.83) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices, even as demand remains robust. According to EIA’s report for the week ending on Dec. 27, total gas stocks in the region are mostly holding steady at 21.56 million bbl. The current supply level is 3.3 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

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