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On Tuesday, Californian motorists paid an average of $2.93 for a gallon of unleaded regular gas. A month ago, California drivers paid $3.05, according to AAA. Nationally, average prices at the pump jumped about 3 cents this week to $2.26.
“California prices have been falling for weeks, but with national prices rising this week, that could be a signal that prices could be increasing again soon for the West Coast. AAA expects to see slight increases in prices throughout July, so now is the time to travel," said Mike Blasky, spokesman for AAA Northern California.
"It's rare to see California prices fall as prices in other states spike," Blasky said.
Refinery production on the West Coast is at its highest levels since August 2016, helping to stabilize gas prices, Blasky said.
Gas prices were highest in South Lake Tahoe ($3.25) and San Francisco ($3.10), but drivers in most Bay Area cities paid under $3 per gallon.
Californians were paying $2.88 at the pump a year ago – 5 cents less than on Tuesday. The price of crude continues to hover around $45 per barrel.
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- Written by: California Controller’s Office
The 2017-18 fiscal year began July 1.
For the fiscal year that ended June 30, total revenues of $121.91 billion missed May Revision estimates by $295.7 million, or 0.2 percent.
The fiscal year total was $2.68 billion lower than anticipated in the 2016-17 budget signed last summer, with all of the “big three” revenue sources missing the mark.
For June, personal income tax (PIT) receipts of $10.94 billion were $161.0 million shy of May estimates, or 1.5 percent.
For the fiscal year, PIT receipts of $82.72 billion were $1.05 billion lower than projections in the FY 2016-17 Budget Act, but lagged May estimates by just $196.3 million, or 0.2 percent.
June corporation tax receipts of $2.42 billion were $344.4 million lower than anticipated in the May Revision, or 12.5 percent.
The fiscal year total of $10.11 billion in corporation taxes was $885.6 million lower than FY 2016-17 Budget Act projections and $283.1 million less than expected in the May Revision.
Retail sales and use tax receipts of $2.32 billion for June were $57.2 million, or 2.5 percent, higher than May estimates.
For FY 2016-17, total sales tax receipts of $24.71 billion missed the original Budget Act projections by $1.03 billion; they topped May Revision assumptions by $126.7 million, or 0.5 percent.
California has not pursued external borrowing since FY 2014-15. The state ended last fiscal year with unused borrowable resources of $36.98 billion, which was $3.99 billion more than predicted in the governor’s May Revision.
Outstanding loans of $4.84 billion were $1.64 billion lower than the Department of Finance’s May estimates. This loan balance consists of borrowing from the state’s internal special funds.
For more details, read the monthly cash report and this month’s edition of the Controller’s California Fiscal Focus newsletter, which looks at the future of the cap-and-trade program in the Golden State.
As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The controller also safeguards many types of property until claimed by the rightful owners, and has independent auditing authority over government agencies that spend state funds.
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As of July 7, glyphosate (Roundup®) will be added to the list of chemicals known to the state to cause cancer for purposes of Proposition 65 by the California Office of Environmental Health Hazard Assessment.
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MIDDLETOWN, Calif. – With the arrival of summertime, 2 Women Traders has announced its change to summer hours.