Business & Real Estate

Gas prices keep dropping; $2.93 a gallon in Sacramento

The unusual springtime plunge at the pumps continues: Sacramento-area gas prices fell for a fifth consecutive week, according to national gas price tracker

GasBuddy, which does a daily survey of more than 700 gas outlets in the region, said Monday that the average retail price of gasoline fell another 5.4 cents over the past week to $2.93 a gallon. That’s 35 cents lower than one month ago and $1.02 below the year-ago average.

Nationally, the average retail price of gas was virtually unchanged over a week’s time at $2.39 a gallon – down about 5 cents from last month and nearly $1.25 below the average at this time last year.

Patrick DeHaan, GasBuddy senior petroleum analyst, cited a new GasBuddy report projecting the lowest summertime gas prices since 2005. He said substantial stockpiles of crude oil at around $50 a barrel have put downward pressure on at-the-pump costs.

GasBuddy said the situation will likely prompt a surge in car travel during the upcoming summer vacation season.

Call The Bee’s Mark Glover, (916) 321-1184.