Thursday, 28 March 2024

State gas prices hold steady

Although California motorists are experiencing an uptick in gas prices in most metro areas, the state’s average is holding steady, making this summer’s road trips more feasible for many Californians.

On Tuesday the average price in the Golden State was $4.14, a slight $0.03 increase from a month ago, according to the AAA Northern California monthly gas survey.

Northern California’s average price for a gallon of regular unleaded gasoline is $4.14 – that’s $0.02 cents less than last month’s AAA reported price on June 10.

The highest recorded price ever registered in the state of California was in October of 2012, at $4.67 a gallon for unleaded regular.

The least expensive average price in Northern California can be found in Marysville, where regular unleaded gasoline is $3.94 per gallon.

Of all the metro areas tracked by AAA in Northern California, Eureka has the high price at $4.28 per gallon of unleaded regular.

Hawaii has the highest average price, $4.36. California reports the highest average price, $4.14 in the contiguous states. South Carolina enjoys the lowest average price, $3.37.     

“State gas prices could continue to hold steady, as there are no dire consequences to oil exports at the present time,” said Cynthia Harris, AAA Northern California spokesperson. “That, combined with ample crude oil supplies nationwide, has kept fuel expenditures for consumers on a steady trend.”

The national average price of gas has fallen for 10 consecutive days, but remains the highest price for this calendar date since 2008.

On Monday, for the first time since June 11, the national average price for regular unleaded gasoline reflected a month-over-month decline.

Tuesday's average was $3.65 per gallon. That price was $0.02 less than one week ago and fractions of a penny less than one month ago. Still, the price is $0.18 cents more than last year’s price on July 8.

Violence in Iraq continues to have an impact on global oil prices, but as production in the south of the country remains unaffected, the fear of a disruption to supply has abated.

Market watchers are keeping a close eye on the situation, but the risk that had pushed oil prices to 2014 highs has subsided in recent trading sessions.

These elevated oil prices have meant stubbornly high pump prices for motorists, but as oil prices have eased so too have retail gas prices.

At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled $0.53 lower at $103.53.

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