Gas prices rose a nickel during the past two weeks, to an average of $2.80 per gallon of self-serve regular, a national survey said Sunday. That's 60 cents more than prices at this time last year, but 38 cents below the all-time peak of $3.18 set on May 18. Of course, that's a the national average. Here in the Bay Area we're over the $3 mark already and it wouldn't surprise me to see gasoline prices reach $4 gallon in California before the winter is over.
In the short term we have yet to feel the full effect of oil's recent run up to $90 per barrel. In the same time that gasoline has risen an average of five cents, crude oil has gone up the equivalent of 18 cents.
Source: CNN
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