California gasoline prices continue to accelerate
August 11, 2017
• A third straight week of increasing prices
• “The pace of gas price increases during the past week slowed”
Increased California gasoline inventories last week tempered moderately higher oil prices, but still gasoline prices at the pump moved up in many parts of California, according to price surveys Friday.
It’s the third week of ever increasing prices, although this week saw smaller increases than in the past.
California's boutique reformulated gasoline (RFG) inventories increased 2.6 percent to 4.914 million barrels last week, according to the California Energy Commission.
“Compared to the prior week, the pace of gas price increases during the past week slowed to between one and three cents per gallon, depending on the region,” says Jeffrey Spring, a spokesman for the Automobile Club of Southern California.
But motorists can expect the pace of price increases to pick up.
This week’s Energy Information Administration report shows gasoline demand reached a new weekly record of 9.842 million barrels per day. The 2017 demand average over the past four-weeks is about one percent ahead of the same four-week period last year.
“With summer demand running full steam ahead, drivers can expect prices to continue rising,” AAA says,
California’s statewide average price on Friday, August 11, is $2.966, up nine-tenths of a cent from one week ago, according to AAA. The national average is $2.358, an increase of 1.4 cents since last Friday, according to the AAA.
Today’s Regional Prices
Following are the Central Valley average prices for Friday, August 11, driving from south to north, as reported by the American Automobile Association, with last week’s (August 4) averages in parentheses and [July 28] prices in brackets:
• Bakersfield, $2.937 ($2.954) [$2.938]
• Visalia-Porterville, $2.957 ($2.956) [$2.970
• Fresno, $2.972 ($2.975) [$2.941]
• Merced, $2.909 ($2.922) [$2.874]
• Modesto, $2.786 ($2.780) [$2.738]
• Stockton-Lodi, $2.836 ($2.832) [$2.806]
• Sacramento, $2.875 ($2.869) [$2.819]
• Yolo, $2.826 ($2.812) [$2.759]
• Yuba City, $2.758 ($2.737) [$2.690]
• Chico, $2.762 ($2.752) [$2.741]
The market average price for self-serve regular gasoline in the Los Angeles-Long Beach area on August 11 is $2.991, up 1.4 cents since last Friday. In San Diego, the average price is $2.969, up a penny over the past seven days, the AAA says.
California’s highest average price on August 11 is in San Luis Obispo at $3.143. But that is eight-tenths of a cent less compared to last week’s average, the AAA says.
Yuba City has the state’s lowest market average price at $2.758, but that is up 2.1 cents from last weeks average, the AAA says.
No more cheap gas in Farmersville, it seems. Two rival gas stations, which had been posting the state’s lowest reported price at $2.159 for two weeks, have jacked up their prices this week. According to the price comparison website GasBuddy.com, it’s still the lowest found in California. But at $2.429, it’s 27 cents higher than the previous low. That brings the two outliers to within a few cents of the rest of the state’s lowest prices.
To find what could be the lowest price in the country for a gallon of gas on August 11, you’d have to drive to the home of the Big Thicket National Preserve – Kountze, Texas, says GasBuddy. There you could fins a Mobil station posting a price of $1,79 per gallon (cash only, please.) That’s three cents less than the national low, found last week in Katy, Oklahoma by a volunteer price spotter for GasBuddy.com.
GasBuddy bases its figures on reports from volunteer “price spotters” reporting specific locations in the U.S. and Canada. They are not independently confirmed.
The AAA’s prices are market averages for self-serve regular grade (87 octane) gasoline. They are calculated daily from credit card purchases and compiled by the Oil Price Information Service and Wex Inc., formerly known as Wright Express.
Not every station is surveyed and not every market is included in either report. Both price surveys note that there can be wide variations within any market.