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.
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.
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