High gas prices: Is relief on the way?

Posted at 11:14 AM, Sep 03, 2018
and last updated 2018-09-03 14:14:26-04

As gas prices go, 2018 has been one of the most painful years at the pump, and that’s having a ripple effect.

On average, gasoline is 48 cents more per gallon this Labor Day weekend than last year.

"There’s been high global demand and shrinking supply," notes AAA’s Jeanette Casselano. "So when you put all those factors together, it just really increases pump prices."

Fortunately, those prices are about to take a tumble.

AAA is predicting the current average price of $2.84 per gallon will fall by 14 cents over the next few months. 

"One of the factors into why gas prices will be cheaper this fall is the blend," Casselano explains. "Winter blend is cheaper to produce and therefore, we really see gas prices coming down."

In addition, worldwide demand is projected to drop, and if there’s no serious hurricane activity in the Atlantic, consumers will soon get back to gas prices they haven’t seen in four years.

Of course, other factors, like taxes, push the gas prices in California much higher than those in most other states.

As of Labor Day, the average price for a gallon of regular was $3.62 in California. In San Luis Obispo County, it was $3.81, almost a dollar more than the national average. The average in Santa Barbara County was $3.71.