Gasoline Prices in State Drop Again
California gasoline prices, already at 18-month lows, slipped again in the latest week despite a brief surge in gasoline commodities prices last week, the Energy Department said.
The average price of self-serve regular in California fell to $1.523 a gallon in the week ended Monday, from $1.560 the prior week, its lowest level since Feb. 21, 2000, when it stood at $1.455 a gallon, the agency’s Energy Information Administration said in its weekly report.
In the latest week, gasoline futures contracts traded on commodities markets briefly surged amid reports of supply declines, but those prices have pulled back somewhat. Pump prices for California gasoline soared above $2 a gallon this spring due to tight supplies, but then began to decline steadily as supplies grew due to increased refinery production and gasoline imports.
The national price, meanwhile, edged higher in the latest week to $1.427 a gallon, from $1.392 the prior week, the EIA said. Prices are higher in California because of costs and taxes related to the state’s environmental regulations.
