Gasoline Prices Drop in the State, Nationwide

California gasoline prices edged lower for the sixth straight week as crude oil prices continued trading well below record highs reached early last month, a federal survey showed Monday.

The average pump price for self-serve regular in the state fell 3.9 cents to $2.434 a gallon in the week ended Monday, according to a weekly report by the Energy Information Administration, the Energy Department’s statistical arm.

Prices have slowly but steadily moved lower since hitting a record $2.592 a gallon in the week ended April 11. But the statewide average remains 11 cents a gallon higher than a year ago.

The nationwide average price for regular also fell again, dropping 3.8 cents to $2.125 a gallon, the agency reported. The U.S. average is 6.1 cents higher than a year ago.

Pump prices surged to record highs in response to crude oil’s rally this spring, which peaked when the benchmark U.S. light crude oil hit $57.27 a barrel on the New York Mercantile Exchange on April 1.

It was the highest closing price since the Nymex began trading the futures contract in 1984. Adjusted for inflation, however, oil and gasoline prices still remain well below the highs they reached in the early 1980s.

Over the last month, industry data have indicated there are ample global supplies of oil and gasoline to meet current demand, even with the U.S. summer driving season about to begin Memorial Day weekend.

Crude oil for July delivery closed Monday at $49.16 a barrel, up 51 cents for the session but down $8.11 a barrel, or 14%, from the record Nymex high. The June contract expired Friday at $46.80 a barrel, the lowest price in three months. Oil contracts expiring later in the year have been trading at higher prices than oil for immediate delivery.