Sacramento-area gasoline prices edged down for the 14th consecutive week, and analysts say they believe the cost-lowering streak will continue well into November.
National price tracker GasBuddy.com, which surveys more than 700 regional gas outlets daily, said the Sacramento area’s average retail price was $3.51 a gallon, down 4.9 cents from last week. The current price is 19.2 cents lower than a month ago and 21.1 cents lower than last year.
Nationally, the average price of gas was $3.21 a gallon, a drop of 18 cents from last month and 12.8 cents lower than a year ago.
Analysts said a perfect storm of factors are pushing prices lower, including stable gas supplies, steady refinery production and relatively low crude oil prices (around $85 a barrel).
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“I don't think I’ve seen such big drops in retail prices collectively since the recession of 2009. Last week, every single state saw its average gas price decline,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “...And perhaps the best news for motorists is that we have more decreases coming; some states could see their lowest prices since late 2010 over the next month.”
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