Gas Price Falls Again in State
California’s average gasoline price fell another nickel, a government survey showed Monday, but the three-month slide may be nearing an end.
The statewide average price of self-serve regular decreased to $1.932 a gallon from $1.982 the prior week, according to a weekly survey by the Energy Department.
It was the 12th straight week that gas prices declined, leaving the average at its lowest level since it stood at $1.868 a gallon in the week ended Feb. 16, the department’s Energy Information Administration said.
California’s average pump price has tumbled 47 cents, or nearly 20%, since it reached a record-high $2.402 a gallon in the week ended Oct. 18.
Nationwide, the average price edged up 1.5 cents to $1.793 a gallon in the latest week, its first increase in 10 weeks, the EIA said.
A key factor driving gasoline prices lower was a pullback in the price of crude oil from its record high of $55.17 a barrel in October.
But oil prices have edged back up recently, raising questions about how much lower gasoline prices can fall. In addition, the state’s gasoline refineries are beginning their annual maintenance as they prepare to switch to making the summer gasoline, which is more difficult to produce.
Oil for February delivery briefly jumped above $47 a barrel Monday but later gave back its gains and finished with a loss of 10 cents at $45.33 a barrel on the New York Mercantile Exchange.
