Here's Why Gas Prices Are Still High Despite Lower Oil Prices

After months of climbing, oil prices are dropping, but gas prices in the Bay Area are not – at least not yet.

GasBuddy's Patrick De Haan says gas stations are slower to drop their prices because they, like consumers, paid the higher price over the last few weeks.

"Stations are probably sitting on thousands and thousands of gallons of gasoline that they bought at a far higher price, so they're going to want to sell through that," he said. "Then they'll get access to some of the lower prices."

gas prices Jul 5, 2022

Bay Area Drivers Wonder When They'll See Relief at the Pump

Business Jul 4, 2022

High U.S. Gasoline Prices Weigh on Demand as Consumers Start to Feel the Pinch, Says Analyst

Barring another sudden uptick in the price of oil, the Bay Area and California should see cheaper gas soon, according to De Haan.

"I think in time both of these areas and most of California should fall back under the $6 mark," he said.

De Haan said the drop in gas prices is likely to be by a few cents a day.