Sacramento-area gas prices, which spiked nearly 60 cents over three weeks in late April and the first few days in May, have hit a wall, a likely source of happiness for Sacramento-area motorists looking to hit the road during the upcoming Memorial Day holiday weekend.
The average retail price of gas in the area on Monday was $3.54 a gallon, unchanged from the previous week and up only a penny from two weeks ago, according to national gas price tracker GasBuddy.com, which does a daily survey of more than 700 gas outlets in the Sacramento area.
The current price is 58.8 cents higher than it was last month but 52.1 cents lower than it was on the same day in 2014.
Los Angeles-area motorists are not so lucky as refinery issues in Southern California have pushed prices above the $4 threshold for the first time since July last year. On Monday, GasBuddy put the current average retail price of gas in Los Angeles at $4.01 a gallon, up from $3.83 just one week ago.
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The national average rose 5 cents over the past week to an average $2.71 a gallon, up nearly 27 cents from a month ago.
“The rise we've seen in the national average over the month is showing signs of fading,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Crude oil prices have fallen from their 2015 highs…While higher demand is expected for this Memorial Day weekend, crude oil inventories remain plentiful and stand some 86 million barrels higher than a year ago.”