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California | IN BRIEF / Southland

Gasoline Prices Drop Again in California

July 31, 2001|James F. Peltz

The average price for self-serve regular in California fell to its lowest point in five months and slipped below its level of a year ago, the Energy Department said in its weekly report.

The price dropped to $1.669 a gallon in the week ended Monday from $1.722 the prior week, leaving the price at its lowest level since the week ended Feb. 26, when it stood at $1.662 a gallon, according to the agency's Energy Information Administration. The decline also left the price a penny below its level of a year ago.

Prices have been steadily falling since mid-May, when the average price in California hit a record high $1.954. But robust production at refineries and higher imports boosted fuel supplies and drove down prices.

The average price nationwide also fell in the latest week, to $1.384 a gallon from $1.395 the prior week, the EIA said.

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