Gas prices dip below $3 at some Bay Area stations

Byby Sergio Quintana KGO logo
Monday, November 3, 2014
Gas prices plummet around the Bay Area
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Some gas stations in the Bay Area have dropped prices to under $3 a gallon.

MILL VALLEY, Calif. (KGO) -- For the first time in four years, the national average for a gallon of gas is below $3.

Gas prices have plummeted in the last few weeks. In fact, they've dropped so far that some Bay Area gas stations are selling it for less than $3 a gallon.

Two weeks ago, at an Arco Station in Mill Valley, gas was going for $3.15 for a gallon of regular unleaded gasoline.

Two weeks later, the price dropped 16 cents to $2.99. There has been a steady line of cars all afternoon.

Mill Valley residents even drivers from around Marin County and San Francisco say this is usually one of the least expensive stations to pump gas in the area.

At just under $3 now, prices are surprising but very welcomed.

Prices across the country have been dropping sharply in the last month or so, but the Bay Area remains among the most expensive markets in the whole Unite States.

Drivers here say, they're not counting on prices staying low for long.

"I think it's great, but I don't think it will last. Even though the United States is making more gasoline, there's more gas production, I don't think the big companies want to save money for the public," Mill Valley resident Marcia Bell said.

"It was $2.92 in Medford, so it's still pretty close, $2.99," Oregon resident Valerie Beauchene said.

Sergio: "I think people here seeing it that low would freak out."

Valerie: "Well I almost freaked out seeing it that low too."

Some prices in the Bay Area have dropped even lower than what that woman saw in Oregon.

At one San Jose station this weekend, the cash price for a gallon of gas was going for $2.82.

Analysts say the dropping prices are happening for a few different reasons. The U.S. is producing plenty of oil these days and cars are a whole lot more fuel efficient. That's contributing to a glut of oil on the world market right now.

Drivers ABC7 News spoke with say, they are happy that these prices are this low. They're hoping that they drop even further and hoping that prices go down at other station as well.

In San Francisco, the average is $3.47. It's $3.35 in Oakland and it's $3.29 in San Jose.