Gasoline Prices Increase in State
The average price of gasoline in California inched higher in the latest week while the national price edged lower, the federal government said Monday.
Self-serve regular in the state sold for an average $2.541 a gallon, up three-tenths of a cent, according to the Energy Information Administration, the statistics arm of the Energy Department.
Though modest, the gain was the sixth straight weekly increase in the state’s average pump price, which is now only a nickel below its record high of $2.592 a gallon reached April 11. The price also is 37.9 cents higher than a year ago, the EIA said.
The national average fell 2.8 cents to $2.289 a gallon in the latest week, its second straight weekly decline after hitting a record high $2.328 a gallon in the week ended July 11.
Fuel prices surged earlier this month partly in response to a jump in crude-oil prices to more than $61 a barrel. Both rallied in response to continued strong demand for oil and gasoline combined with tight global supplies. But oil prices have since moved slightly lower, relieving some of the upward pressure on pump prices.
The U.S. benchmark grade of light crude oil for September delivery rose 35 cents to $59 a barrel Monday on the New York Mercantile Exchange.
Traders said prices rose partly in response to speculation that government data on Wednesday would show declines in supplies and imports of oil, partly because of recent hurricanes moving through the Gulf of Mexico.
