Current gas prices in California

California Gas Prices Skyrocket
September 16, 2014 – 09:43 am

2012-2015_Avg Gas Prices 7-13-15(WASHINGTON, July 13, 2015) Today’s national average price for regular unleaded gasoline is $2.77 per gallon. The average is just fractions of a penny more than a week ago and is at the lowest mark for this date in nearly five years. The steady national average obscures dramatic weekly price movement in several states including California (+28 cents) Indiana (-12 cents) and Michigan (-11 cents).

Nationally, the retail average has fallen for 19 of the past 30 days and is three cents per gallon less than the 2015 peak price of $2.80 per gallon (June 15). Many consumers continue to save at the pump with national prices down three cents per gallon month-over-month, and yearly comparisons show the full extent of savings with an 85 cent per gallon discount.

Drivers in California are once again weathering sharp increases in gas prices due to reports of tightening supply in the state. The state average has climbed by 22 cents per gallon since Friday and drawn the attention of the California Energy Commission, which is now investigating the fundamentals behind this most recent spike. Early reports indicate that the despite refineries exceeding last year’s production rates, higher than expected demand for gasoline has resulted in significant drawdowns in supply and distribution systems have been unable to keep pace. Suppliers often operate in “just-in-time” gasoline inventories—supply is delivered only as demand requires—which limits storage costs, but can lead to significant spikes in price when supply and demand are out of balance. Upward pressure is likely to remain on prices in the region until supply issues are resolved.

On the heels of this price surge, California ($3.72) is once again the nation’s most expensive market for retail gasoline. The state is followed by regional neighbors: Alaska ($3.47), Hawaii ($3.34), Nevada ($3.25) and Washington ($3.20) as the top five most expensive markets for retail gasoline. On the other end of the spectrum, motorists in South Carolina ($2.41) and Mississippi ($2.46) are paying the least to refuel their vehicles.

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