Advertisement
YOU ARE HERE: LAT HomeCollectionsGallon

California gas drops by 26.3 cents in last week, but remains high

October 29, 2012|By Ronald D. White
  • California's gas prices remain high after falling 50.7 cents a gallon since Oct. 9.
California's gas prices remain high after falling 50.7 cents a gallon… (Los Angeles Times )

The average price of a gallon of gasoline in California dropped by the biggest amount yet for a one-week period after the recent new record, according to the AAA Fuel Gauge Report.

The state's average declined 26.3 cents, to $4.164 a gallon. That's the good news.

The bad news is that California prices remain far above 2011 levels.

The state's average has dropped 50.7 cents a gallon since reaching a record $4.671 a gallon on Oct. 9. But that's still 32.3 cents a gallon higher than it was on Oct. 29 last year.

Analysts blamed the recent record price on panic buying by traders over a feared shortage of fuel.

Another factor, according to the California Energy Commission, was a refinery outage that occurred while the state was near five-year lows in fuel production and fuel supplies.

ALSO:

Wall Street closes as storm hits

Consumer confidence at five-year high

Thousands of flights canceled because of storm

Advertisement
Los Angeles Times Articles
|
|
|