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CA gas prices fell 2.9 cents/gallon in past week to $3.77/gallon average

Average retail gasoline prices in California have fallen 2.9 cents per gallon in the past week, averaging $3.77/g yesterday. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $3.66/g, according to gasoline price website CaliforniaGasPrices.com.

Including the change in gas prices in California during the past week, prices yesterday were 63.4 cents per gallon higher than the same day one year ago and are 2.0 cents per gallon higher than a month ago. The national average has increased 4.6 cents per gallon during the last month and stands 88.6 cents per gallon higher than this day one year ago.

"We're watching an incredible decline in the price of crude oil and gasoline futures that will most certainly have an impact in the upcoming week at the pump. While motorists won't see large drops all at once, I most certainly expect declines in the days ahead," Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst, said in a news release. "Oil prices have shed nearly $15 per barrel in just a week- a dramatic decline brought on by various concerns, but mainly a weak manufacturing report and concern surrounding a possible downgrade of U.S. credit ratings," DeHaan adds.

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