Memorial Day weekend is just around the corner, but drivers shouldn’t expect a day off at the gas pump.
Despite a slight dip in prices at the pump last week, analysts say the cost of gas is likely to stay stable at best, and go up at worst.
“With refinery concerns and flooding along the Mississippi River, we could very well see a rise of another 10 cents per gallon in the next couple of weeks,” said Patrick DeHaan, an analyst for GasBuddy.com. “We just don’t seem to be getting any break on gas prices right now.”
In the Bay Area, AAA reported that motorists are now paying an average of $4.32 a gallon for regular unleaded gasoline, which is a 10-cent increase from last month. The average for Northern California is $4.25, up 8 cents from last month.
Gas now costs $4.26 a gallon in Concord, up 10 cents; $4.32 in Oakland, up 8 cents; $4.32 in Pleasanton, up 9 cents; and $4.21 in Fremont, up 6 cents.
California currently has the third highest average price in the nation, at $4.26, tied with Connecticut and Illinois. There are 12 states with gas prices above the $4-a-gallon mark.
One big reason gas prices are unlikely to fall is the coming holiday, when demand for gasoline typically spikes. That’s likely to keep prices high, said Matt Skryja, spokesman for AAA Northern California.
Ryan Nguyen, 43, of Fremont, will break his normal routine to save costs. Traditionally, Nguyen takes his family to Lake Tahoe over Memorial Day weekend. However, with gas prices where they are, this year will be different.
Last Memorial Day, the average price of gas in Oakland was $3.03.
“It would cost me almost $300 just to get there and back in gas, which is ridiculous,” said Nguyen, who now plans to go to Half Moon Bay. “I’m disappointed that we are going to break tradition, but really I have no other choice.”
A glimmer of hope came last week when a drop in crude oil prices had analysts speculating whether the result would be lower prices at the pump.
But analysts say there are a number of indicators in addition to the cost of crude oil, such as instability in the Middle East and North Africa region, that could affect gas prices. Also, with hurricane season approaching, production could be halted along the coastlines where some important refineries lie. On Tuesday, oil prices went up $1.33 to $103.88, Skryja said.
“Making projections right now is like trying to predict the Super Bowl winner next year,” Skryja said. “You can guess, but you just don’t know.”
Contact David Morrill at 925-977-8534.
