Business & Real Estate

Sacramento-area gas prices continue to fall

Sacramento-area gas prices continue to slide downward, drawing ever-nearer to the $3.50 threshold.

The average retail price of gasoline in the Sacramento area fell 5.5 cents, to $3.67 a gallon, over the past week, according to the latest report by national price tracker, which surveys 720 area stations.

The latest decline comes on top of a drop of more than 15 cents the previous two weeks.

Area prices are now 79.9 cents lower than one year ago and 25.4 cents per lower than a month ago.

At this time last year, a series of supply disruptions at key refineries throughout California was pushing gas prices to all-time highs and ultimately prompted Gov. Jerry Brown to call on the California Air Resources Board to allow refineries to switch early to making cheaper winter-grade fuel.

Nationally, the average price of gas fell just 1.4 cents over the past week to $3.37 a gallon – down 40.7 cents from a year ago and a decrease of 17.9 cents from last month.

Meanwhile, Patrick DeHaan, senior petroleum analyst for GasBuddy, warned that tracking prices might become more difficult in the coming days: “With the (federal government) shutdown continuing, we also will be seeing less data made available this week as it is the first week that we’re not expecting the government to release a weekly report on changes in supply and demand, meaning traders will be somewhat blinded when it comes to trading futures, which could add to (gas price) volatility.”