Business & Real Estate

Sacramento area’s five-week streak of declining gas prices ends

Sacramento-area gas prices edged upward over the past week, breaking a five-week streak of declines.

Analysts blamed a surge in the price of crude oil, driven by market speculators.

National gas price tracker GasBuddy.com, which daily surveys more than 700 gas outlets, said Monday that the average retail price of gasoline in the area rose 3.8 cents to $2.96 a gallon. That’s 20.5 cents lower than one month ago and $1.05 below the year-ago average.

Nationally, the average price was $2.45 a gallon, up 6.6 cents from the previous week and a slight 2.4-cent gain in one month, but $1.21 below the average reported one year ago.

“Oil prices saw notable gains last week, rising to new 2015 highs. That translated into some hefty gasoline price increases...All 50 states saw gasoline prices move higher,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “I would lay blame for these increases on over-sensitive traders, who bid oil prices higher last week after oil inventories rose at their smallest amount since January.”

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

  Comments