Average pump prices for retail gasoline in California are back above $3.75 a gallon this week, and the U.S. average is headed back toward $3.50 a gallon, but some analysts are expecting a sustained slide in oil prices that could bring much relief in the future.
The average cost of a gallon of regular gasoline in California is $3.780, up 6.4 cents since last week, according to the AAA Fuel Gauge Report. It was only the second week-to-week price rise in the past 10 weeks.
Nationally, the average price for a gallon of regular gasoline is $3.471, up 7.5 cents since last week. The U.S. average has risen during the past two weeks after falling for 13 straight weeks from its high of the year of $3.941 a gallon.
U.S. crude oil prices were back below $90 a barrel in trading on the New York Mercantile Exchange as fears that the European Union would fail to resolve its debt crises outweighed Middle East concerns about possible Israeli retaliation over the recent terrorist attack on tourists in Bulgaria. U.S. oil prices were down $2.28 to $89.55 a barrel so far in the trading day.