Sacramento-area gas prices dip below $3 a gallon

Sacramento-area gas prices fell for a fourth consecutive week – a somewhat rare springtime occurrence – and have dipped below the $3-a-gallon threshold.

The region’s average retail price of gas fell another 6.5 cents over the past week to $2.99 a gallon, according to national gas price tracker GasBuddy.com’s weekly report released Monday. The current regional price is nearly 31 cents lower than one month ago and 89.4 cents below the year-ago average.

Historically, spring gas prices rise steadily up through Memorial Day weekend. But following a nearly $1 spike between Feb. 1 and March 7 this year, at-the-pump costs have retreated amid ample fuel supplies, stable wholesale costs and comparatively low crude oil prices.

Nationally, the average retail price of gas fell 3 cents over the past week to $2.39 a gallon – down 7.3 cents from last month and $1.18.5 below the average at this time last year.

Patrick DeHaan, GasBuddy senior petroleum analyst, said the year-over-year price declines “should boost motorist confidence as the summer driving season nears.”

DeHaan added that he expects this summer’s gasoline prices to be at their lowest seasonal levels since 2010.

This story was originally published April 6, 2015 at 12:27 PM with the headline "Sacramento-area gas prices dip below $3 a gallon."