Local pump prices are close to the state average; well down from
’08
The latest report from AAA Northern California finds most gas
prices throughout the state are continuing a slow spiral downward
thanks to tough economic times and climbing supplies of crude
oil.
All but five metro areas where AAA tracks gas prices in Northern
California saw a drop in their average gas prices.
Local pump prices are close to the state average; well down from ’08
The latest report from AAA Northern California finds most gas prices throughout the state are continuing a slow spiral downward thanks to tough economic times and climbing supplies of crude oil.
All but five metro areas where AAA tracks gas prices in Northern California saw a drop in their average gas prices.
According to the latest report, which tracks gasoline prices as a service to consumers, California’s average gas price is the third highest among all 50 states.
The Golden State’s average for a gallon of regular unleaded gasoline is averaging $2.89, down 3 cents since last month’s report.
For perspective, that’s $1.62 less than California’s average price on this date last year, when it was $4.51.
Northern California gas prices are now averaging $2.88, down 4 cents from last month.In the San Francisco Bay Area, motorists can expect to pay an average price of $2.98, which is the same average price since AAA’s last report on June 9.
The national average price of $2.52 is down by 10 cents, which is still $1.59 cheaper than the national price on this date last year, when it was $4.11.
AAA analysts attribute the continuing drop in both retail gasoline and crude oil prices to a dramatic slump in the U.S. and world economies.
Over the last two weeks alone, market oil prices have declined almost 20 percent.
The change in price seems more dramatic in the shadow of a rapid climb for oil prices in June.
The increase in the price of oil was built mainly around hope that an economic turnaround was right around the corner, even though market fundamentals indicated it was most likely not going to happen.
Oil investors are now eagerly awaiting reports on oil and gas supplies being released this week, which could immediately impact investment activity.
“California is among those states that have the most noticeable low demand for retail gasoline,” said AAA Northern California spokesman Matt Skryja. “This may be attributed in part to state budget problems, which aren’t helping to inspire confidence in the economy. Combine that with a lack of clear signals about the country’s over-all economic health and it is unlikely consumers will see big swings in gasoline prices any time soon.”
The least expensive average price in Northern California can be found in Stockton, where unleaded is $2.75. Of all the metro areas in Northern California where gas prices are tracked by AAA, Eureka had the highest average price at $3.14, which is also the highest price in the lower 48 states.
The least expensive gasoline in the country is found in Springfield, Missouri where the average price of gas is $2.15. Wailuku, Hawaii, holds the crown for the highest average price in the nation, with $3.57 per gallon.
The AAA Gas Price Finder, located at www.aaa.com/gasprices, provides updated price information for more than 85,000 gas stations throughout the United States and Canada.
