Average Gas Price Steady in California

The average retail price of gasoline in California was unchanged in the latest week, snapping 12 straight weeks of declines that pushed pump prices to their lowest level in 11 months, the government said Tuesday. The statewide average price of self-serve regular was $1.932 a gallon in the week ended Monday, according to a weekly survey by the Energy Department.

Nationwide, the average price rose for the second straight week, climbing 2.6 cents to $1.819 a gallon, the agency’s Energy Information Administration said.

California’s average pump price has dropped 47 cents, or nearly 20%, since it hit a record high $2.402 a gallon in the week ended Oct. 18. But the price remained 24.2 cents a gallon above year-earlier levels, and prospects for further price declines have been dimmed lately by a rebound in crude oil prices.

Oil for current delivery, which closed unchanged Tuesday at $48.38 a barrel on the New York Mercantile Exchange, has jumped 17% since closing at $41.32 a barrel Dec. 27.

-- James F. Peltz