Bay Area gas prices level off after rise

April 15, 2009 5:50:46 AM PDT
After a sharp rise three weeks ago, Bay Area gas prices have leveled off in the past week, due to low demand and an excess of supply, according to AAA of Northern California.

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AAA said that a recent government report showed an uncharacteristically low demand for gas and a supply glut at U.S. refineries, reflecting fear over the sagging economy.

"These same factors are expected to keep the pump prices from rising as fast as they historically would in the spring and summer months," said AAA spokesman Matt Skryja.

The average price for a gallon of gas in the Bay Area is $2.37, up 12 cents from March 10.

Statewide, the average price is $2.34, highest in the lower 48 states, according to AAA.

The national average is $2.05.

The conditions in the U.S. mirror worldwide economic conditions of reduced demand for oil, due to the global recession, AAA noted.

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