Monday, 30 September 2024

Year end gas prices fall

Retail prices at the pump continue to move downward as the year comes to an end.

California motorists are now paying $0.02 cents less than a month ago, as the state average price drops to $3.59 per gallon of unleaded regular gasoline, according to the AAA Northern California monthly gas survey.

Northern California’s average price for a gallon of regular unleaded gasoline is $3.54, that’s $0.05 cents cheaper than the state average, and a decrease of $0.05 since last month’s AAA report on Nov. 12, 2013.

For perspective, gas prices today are $ 0.04 less than California’s average price on this date last year. New York and Connecticut are tied for recording the highest contiguous state average price for regular unleaded gasoline at $3.66.

“Gas prices statewide moved lower following the end of the summer driving season and Thanksgiving,” said Cynthia Harris, AAA Northern California spokesperson. “Plentiful supplies, flat demand and falling crude oil prices combined for welcome relief at the pump for motorists for the upcoming holidays.”

The national average price of gasoline has fallen nine of 12 days since Thanksgiving. This follows a streak of 15 consecutive daily increases leading up to the holiday.

Today’s national average price at the pump is $3.26, that’s $0.08 cents higher than last month’s AAA report on Nov. 12, but it is fractions of a penny less expensive than one week ago and remains $0.08 less than the same date last year.

After 15 straight weeks above $100 per barrel, WTI begins its eighth consecutive week below this threshold, even after settling higher every day last week on positive economic news, including a rosier than expected job report on Friday that built on bullish global indicators earlier in the week.

A stronger economy – both domestically and overseas – puts upward pressure on crude oil prices as more robust economies are expected to use more oil.

After closing last week with the highest settlement since October, the price of WTI pulled back slightly today. At the close of formal trading on the NYMEX, WTI settled $0.31 lower at $97.34 per barrel.

The least expensive average price in Northern California can be found in Marysville where regular unleaded gasoline is $3.43 per gallon.

Of all the metro areas in Northern California, where gas prices are tracked by AAA, Eureka has the highest average price at $3.74.

The highest average price of gas tracked by AAA in the nation is in Hawaii. The price there is $3.93 per gallon. The lowest price, at $2.91 per gallon, can be found in Missouri.

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