Gas Prices Fall

 


California, July 14- Average retail gasoline prices in California have fallen 3.8 cents per gallon in the past week, averaging $4.09/g yesterday, according to GasBuddy's daily survey of 10,526 gas outlets in California. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $3.61/g, according to gasoline price website GasBuddy.com.
 
Including the change in gas prices in California during the past week, prices yesterday were 8.0 cents per gallon higher than the same day one year ago and are 0.4 cents per gallon lower than a month ago. The national average has decreased 4.3 cents per gallon during the last month and stands  unchanged compared to this day one year ago.
 
"The last two weeks have seen some large drops in oil prices and gasoline spot prices- a very exciting thing to see in the middle of the summer driving season," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Motorists have some nice relief coming at the pump to look forward to in the next week to two as these drops make it to retail outlets. Over the next week, the national average will fall back under $3.50/gal- something we haven't seen since April, and will also drop under last year's average in the next few days. There is also the possibility for further declines if we don't see a hurricane or geopolitical tensions ruin things. I'd caution motorists as we expect these large decreases to only buy the amount of gasoline they immediately need as prices drop, and to shop around as price gaps between stations widen because of the quick decrease in wholesale gas price. Some stations will be buying the cheaper gasoline and passing on savings faster, leading to a wide array of gas prices," DeHaan said.

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