After a fire at the Martinez Refining Company on February 1 caused gas prices around the Bay Area to spike, prices are gradually returning to normal. The explosion led to supply reductions and a temporary shelter-in-place order. Prices had surged to approximately 50 cents higher than national averages but are now trending down. By the end of February, gas prices saw a decrease, although it may take a month for wholesale price drops to translate into lower consumer prices at the pump.
AAA acknowledged the dropping prices on Friday. It noted in a news release that gas prices decreased by 3 cents to a national average of $3.12 this week.
By the end of February, gas prices dropped closer to their usual level, but it may take a month for wholesale price drops to be reflected at the pump.
The good news is that the spot price has now come down to its normal relationship to the rest of the country, Borenstein said. The bad news is that it takes a while for that to pass through to retail.
Severin Borenstein mentioned that the price of gas went up to about 50 cents higher than its national counterparts right after the fire at the Martinez Refining Company.
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