SF Gas Prices Highest in CA as $5 Gallons Loom

Somewhere, the electric car is laughing at us.

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    NEWSLETTERS

    Bay Area residents are paying more at the gas pumps. Alot more. There have been reports of gas stations charging up to five dollars a gallon. How are drivers managing? NBC Bay Area's Stephanie Chuang shows us. (Published Saturday, Feb 25, 2012)

    Bay Area residents pay some of the highest prices at the pumps in the country -- and it's only going to get worse.

    The dreaded "$5 a gallon gas" could be a reality by Memorial Day, according to the San Jose Mercury News, as fires in the US and tensions in the Middle East drove gas prices up 23 cents in just the past week.

    A fire at a refinery in Washington, a slowdown at the Tesoro refinery in Martinez, and tensions in Iran putting the price of crude oil up to $107 a barrel spells $4.20 gas for San Francisco residents, the newspaper reported.

    What's most shocking is how quickly prices have risen -- and how far. A month ago, gas cost $3.77 in San Francisco, $3.69 in San Jose -- an increase of around 60 cents in 30 days.

    The priciest gas on record was $4.61 for a gallon on June 19, 2008.

    Gas prices are becoming a political football on the national stage, as President Barack Obama and his Republican critics trade barbs -- and blame -- for the high cost of fuel.

    GOP presidential hopefuls say they have ideas on how to make gas cost no more than $2 - $2.50 a gallon. Obama knows what that plan is, he said.

    "Step one is to drill, and step two is to drill, and step three is to keep drilling," the president said.