Price of Gasoline Keeps Tumbling
Average gasoline prices in California fell for the seventh time in eight weeks, and the average price nationwide dropped below its level of a year ago, the Energy Department said.
The average price for self-serve regular in California slipped to $1.824 a gallon in the week ended Monday from $1.859 a week earlier.
In Los Angeles, the average price fell to $1.826 a gallon from $1.873 the prior week, though the latest price is still 21 cents higher than a year ago, the agency’s Energy Information Administration said in its weekly report.
After surging this spring to record highs, pump prices have skidded in the face of growing supplies brought on by stepped-up production at refineries, increased imports and conservation efforts.
On the national level, the average price for self-serve regular stood at $1.437 a gallon in the latest week; a year ago it was $1.593 a gallon. Prices are higher in California because of costs and taxes related to the state’s strict environmental regulations.
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