Gasoline prices slide for third week

LOS ANGELES
October 6, 2017 5:05am
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•  But still higher than a year ago

•  “The underlying costs … have completely recovered from the effects of Hurricane Harvey”


California gasoline prices are still dropping, according to price surveys Friday.

It’s the third straight week of slightly lower prices and puts average prices about a dime less than the high for the year.

“The underlying costs … have completely recovered from the effects of Hurricane Harvey, but retail price averages are still about five to 10 cents higher than on August 23, the day before gas prices started climbing due to hurricane warnings,” says Jeffrey Spring, a spokesman for the Automobile Club of Southern California.

“Provided there are no other supply issues, prices are expected to continue dropping in coming days,” he says.

California’s statewide average price on Friday, October 6, is $3.073, down 3.4 cents from one week ago, according to AAA. A week ago, prices averaged over the $3 mark in six of the ten Central Valley markets checked weekly by CVBT, the same as this week.

The national average is $2.514, down 5.4 cents since last Friday, according to the AAA.

Today’s Regional Prices

Following are the Central Valley average prices for Friday, October 6, driving from south to north, as reported by the American Automobile Association, with last week’s (September 29) averages in parentheses and [September 22] prices in brackets:

• Bakersfield, $3.059 ($3.079) [$3.083]

• Visalia-Porterville, $3.097 ($3.101) [$3.125]

• Fresno, $3.078 ($3.119) [$3.139]

• Merced, $3.061 ($3.097) [$3.140]

• Modesto, $2.900 ($2.947) [$2.973]

• Stockton-Lodi, $2.976 ($3.012) [$3.031]

• Sacramento, $2.975 ($3.018) [$3.041]

• Yolo, $2.926 ($2.953) [$2.986]

• Yuba City, $2.910 ($2.947) [$2.949]

• Chico, $2.895 ($2.916) [$2.926]

The market average price for self-serve regular gasoline in the Los Angeles-Long Beach area on October 6 is $3.094, down 3.5 cents since last Friday. In San Diego, the average price is $3.069, down 2.7 cents over the past seven days, the AAA says.

California’s highest average price on October 6 is not in San Luis Obispo, which has held claim to the dubious title for weeks on end. This week, it shifts north to San Francisco, where the October 6 average is $3.229, seven-tenths of a cent higher than in SLO, the AAA says.

For the third week in a row, motorists in Chico are filling up at the lowest average price in California. On October 6, the AAA says is it 1.9 cents less than last week’s average.

California’s lowest reported price for a gallon of gas on October 6 is $2.459, found at a convenience store in Buttonwillow in Kern County. That’s a cash-only price, however, according to the price comparison website GasBuddy.com.

What could be the lowest price in the country for a gallon of gas on October 6 is found at the same truck stop in Katy, Texas, that it has been for four straight weeks, according to GasBuddy’s data. This week the price is down sharply – by seven cents – from a week ago to $1.829 per gallon.

Methodologies

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.


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