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Gas Price Decline Continues

California's prices down more than 70 cents in 15 weeks

By Joe Benton
ConsumerAffairs.com

August 24, 2007

• Why Are Oil Prices Falling? • Labor Day Gas Prices Up a Penny • Gas Prices Fall for 37 Days • Gas Prices Slide 8 Percent from Record • Gas Prices Creep Down • Oil Price Trend May Be Good News For Consumers • Gasoline Drops Below $3.90 a Gallon • Gas Prices Pull Back Slowly • Oil Prices Fall As Storm Misses Rigs • Latest Gas Price Round-Up • 'Run Your Car On Water' Scheme Could Leave Consumers All Wet • Unregulated Energy Trading Blamed for Much of Gas Price Gusher • Airlines Join Effort To Limit Oil Speculators • Questions Raised about MyGallons.com • 'Hypermiling' Is Dangerous, Says AAA • Struggling Drivers Blame Washington for High Gas Prices • What’s Really Fueling Those Sky-High Oil Prices • Credit Card Fees at the Pump are a 'Hidden Tax' on Consumers • Survey: 3 Out of 4 Angry About High Gas Prices • $2 A Gallon Gas Possible, Analysts Tell Congress • Speculators Buy More Oil Contracts Than Oil Companies • Saudis to Pump More Oil • Limiting Oil Speculators Gains Ground • Congress To Probe Oil Price Spike • Oil Market 'Saturated,' Iran Claims • Feds See No Relief from High Gas Prices • High Gas Prices Could Mean Lower Insurance Rates • High Gas Prices Good For Kia, Honda • Gas Prices Rip Past $4 and Keep Climbing • Administration, OPEC See Different Causes Of Oil Surge • Feds Probing Possible Oil Market Manipulation • Beware of Fuel Sippers Sipping High-Test • Retailers Respond to High Gas Prices with Discounts, Promotions • Rushing Into a Smaller Car Too Soon May Not Save Money • Hybrid Sales and Prices Climb in Lockstep with Gas Prices • Truckers Bemoan Burden of High Diesel Costs • Gas Prices Biting into Worker Productivity • Consumers Warned About Gas-Saving Schemes • Is Tony Soprano Controlling Gas Prices? • Oil & Gas: The New Bubble • Critics: New Federal Gas Mileage Standard Falls Short • Consumers Feeling Pain of Skyrocketing Gas Prices • New Gas Price Record Forecasts Expensive Summer Driving Season --- • More ...

Gasoline prices throughout the country are still falling from their record highs set in May.

Most notably, California gas prices have dropped more than 70 cents over the past 15 weeks in some parts of the state. Regular gasoline now sells for an average price of $2.83 a gallon in the Golden state.

Those prices portend more good news for consumers if the adage “as goes California, so goes the nation” holds up at gas pumps throughout the land.

Right now, regular self-serve gasoline is selling for an average of $2.77 throughout the rest of the country with mid-grade costing $2.94 a gallon and premium $3.05.

A month ago the national average price for regular self-serve gasoline was $2.95 and one year ago the average price was $2.91.

Only Alaska at $3.08 and Hawaii at $3.26 have average gasoline prices above the $3 a gallon level.

South Carolina still enjoys some of the lowest gasoline prices in the country with regular selling for an average of $2.55 in the state.

The most expensive gallon of regular gasoline this week is on sale in Wilmington, in the no-sales-tax state of Delaware, for $3.59. The cheapest gallon of regular is found in Augusta, Georgia for $2.35.

Here is a look at some gasoline prices from around the country in the weekly ConsumerAffairs.com Gas Price Round Up.

California: According to AAA of Northern California, gas prices have fallen lower than they've been in nearly six months, though Lake Tahoe gas prices remain some of the highest in the state.

As cities such as Eureka, Fresno, Stockton, Tracy and Marysville report average decreases of as much as 27 cents, Tahoe City, which AAA reported as having the highest prices in Northern California at $3.30 per gallon, had a modest 5 cent drop in prices.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.78, which is 7.6 cents cheaper than last week, 30 cents below last month, and 40 cents under last year.

In San Diego, the price is $2.84, which is 5.8 cents below last week's price, 28 cents under last month, and 36 cents cheaper than last year.

On the Central Coast, the average price is $3.02, down 6.9 cents from last week, 30 cents under last month, and 36 cents below last year.

In the Inland Empire, the average price is $2.78, 6.6 cents below last week, 29 cents under last month, and 43 cents cheaper than last year.

"If current trends continue during the last couple weeks of summer vacation, motorists will have the chance to take a getaway that could cost them $20 to $50 less in gasoline than at the beginning of the summer," said Auto Club spokesperson Carol Thorp.

Oregon: Gasoline prices continued their slow retreat and in the past seven days the statewide average price lost about 4 cents to $2.76.

Despite hurricane fears, wholesale gasoline prices in some markets declined by more than a dime in recent days, prompting expectations that retail prices will follow suit and the national average price will start falling again, at least until the end of the month.

"We're at that time of the year when refineries sell off their summer fuel grades as they prepare to produce winter blends, and that helps hold prices down" said Elliott Eki AAA Oregon public affairs director.

The national average price is now about 15 cents lower than it was one year ago and Oregon's is about 28 cents lower, holiday travel is expected to be sluggish.

At $2.76, Oregon's average gasoline price ranks 30 in the nation.

New Jersey: The average price for a gallon of regular gas now stands at $2.62, 6 cents cheaper than last week and 14 cents cheaper than the national average, according to AAA Fuel Gauge.

This trend will likely continue, AAA predicts. However, continued sub-prime mortgage troubles on Wall Street and disruptive weather could always reverse the trend we're now in.

Since reaching $2.96 in June, New Jersey's average per-gallon price has fallen steadily.

Texas: After weeks of retail gasoline price declines, the cost of gasoline is Texas has started to bounce back in some markets.

The statewide average price of gasoline as of today is $2.69 a gallon, according to AAA Texas Weekend Gas Watch. This is a penny higher than last week.

Drivers in San Antonio can expect to pay virtually the same for gas this week compared to last week. The average price for regular, self-serve gas continues to be $2.69 per gallon.

Amarillo drivers continue to pay the most for gas in the state. The average price of gas in Amarillo is $2.90 a gallon, seven cents higher than last week. Houston has the cheapest gas in the state at $2.63 a gallon.

"Only 5 of the 11 cities surveyed this week saw minimal decreases in gas prices," AAA Texas spokesman Paul Flaningan says. "Two cities, Amarillo and Corpus Christi, saw significant increases, although nowhere near the $3 threshold we saw earlier this year."

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