SLO County gas prices just dropped for the first time in weeks — but only barely
For the first time in almost three weeks, the average cost of a gallon of gas in San Luis Obispo County dropped this weekend — but only just barely.
Between Saturday and Sunday, the average price paid by SLO County drivers dropped from a record-high of $5.843 to $5.831, a full 1 cent drop, according to GasBuddy. As of Monday afternoon, the average cost of a gallon of gas was estimated at $5.796.
Though that may not seem like much, it’s the first time gas prices have decreased at all since Feb. 27, when the average price of a gallon was $4.905, according to GasBuddy data.
Gas prices have been going up at a breakneck pace since the start of the month, coinciding largely with the invasion of Ukraine and energy sanctions against Russia.
San Luis Obispo County in particular, already plagued by higher-than-average prices, has seen historic increases. For one week in early March, the region was even home to the highest gas prices in the entire country.
As of Monday, the county ranked sixth for most expensive gas in the United States, according to GasBuddy.
An end might be in sight, however.
“After a furious increase in the national average over the last two weeks, the top appears to be in with average gas prices slowly starting to decline over the last few days,” GasBuddy analyst Patrick De Haan said in a news release Monday. “While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we’ve experienced over the last few weeks.”
De Haan said the “situtation remains fluid, and escalation remain very possible, if not likely.”
Gas prices may still be going up
Though GasBuddy’s average indicates a small drop in local costs, another gas data source estimated that SLO County prices are still at record highs.
According to AAA, the average price of a gallon of gas on Monday was $5.935, up one cent from the day before and almost 42 cents from the same day last week.
Monday’s average was the highest ever recorded in San Luis Obispo County, according to AAA.
A drop in prices is possible, however, if the price of crude oil decreases, according to AAA.
“It bears reminding that the cost of oil accounts for about 50% of what drivers pay at the pump,” AAA spokesman Andrew Gross said in a news release. “This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices.”
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