Marin Fuel Costs Explode

MARIN COUNTY, CA — Fuel costs in Marin have soared as the state and the nation hit a new milestones Tuesday.

The average cost for a gallon of gas in San Rafael was $6.27 on Tuesday (it fell fractions of a cent Wednesday from $6.272 to $6.269) according to AAA.

Marin fuel costs have risen more than 20 cents in the past week and just under 50 cents in a month. The average cost for a gallon of gas was $6.06 a week ago and $5.74 a month ago, according to AAA.

Fuel costs have risen staggeringly since a year ago, when the average cost for a gallon was $4.28.

Prices were already on the rise amid supply chain issues and have spiked since Russia’s invasion of Ukraine.

On Tuesday, California’s average fuel costs lurched past the $6 threshold and all 50 U.S. states topped the $4 a gallon – both firsts – The Mercury News reports.

And the pain and the pump could soon get much worse, JPMorgan head of global oil and commodities research Natasha Kaneva told CNN in an email Tuesday.

"There is a real risk the price could reach $6+ a gallon by August," Kaneva said.

Of particular concern is the dearth of supply, CNN reports, noting that gas inventories in the U.S. are at their lowest levels since 2019.

The low supply combined with the expected increase in summer demand figures to exacerbate inflationary pressures, according to CNN, citing a JPMorgan report titled “Cruel Summer.”

"With expectations of strong driving demand...US retail price could surge another 37% by August," the report said.