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Gasoline prices falling in California, across nation

Falling oil prices have led to declines at the pump.
(Rich Pedroncelli / Associated Press)
By Andrew KhouriStaff Writer 
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California gasoline prices are falling, welcome news for motorists amid the summer driving season.

The average price for a gallon of unleaded regular fell below $4 Friday for the first time since April 1, according to price-tracking website GasBuddy.com. Friday’s average of $3.998 a gallon compares with a recent high of $4.264 on May 1.

“You might not go back above $4 this year,” said Tom Kloza, chief oil analyst for GasBuddy.

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Prices are falling because demand has flattened, while gasoline production has surged, Kloza said. The price of crude has also fallen. It spiked last month as Islamist militants captured the oil rich Iraqi city of Mosul.

And the decline is not just being seen in California. Nationally, the average price for a gallon of gas was $3.530 on Friday, compared with $3.701 in late April, GasBuddy said.

Other gauges also showed a decline.

According to the AAA Daily Fuel Gauge report, a gallon of regular gas in California cost $4.015 on average Friday. A month ago, that average stood at $4.11.

Follow me on Twitter @khouriandrew

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Andrew Khouri

Andrew Khouri covers the housing market for the Los Angeles Times. Before coming to The Times he wrote about commercial real estate for the San Fernando Valley Business Journal. He holds a master’s degree in journalism from the University of Southern California’s Annenberg School for Communication and Journalism and graduated from the University of San Diego with a degree in history.

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