Business & Real Estate

Sacramento-area gas prices continue to edge downward

Those days of gas prices stubbornly staying above the $4-a-gallon threshold are a distant memory.

With crude oil at less than $93 a barrel and the switch to production of less-expensive fall-winter gas blends, Sacramento-area gas prices edged downward for the 12th consecutive week, according to national price tracker

GasBuddy, which surveys more than 700 regional gas outlets daily, said the average retail price in the Sacramento region fell another 5 cents over the past week to $3.61 a gallon. That is 16.3 cents lower than one month ago and 26 cents lower than this time last year.

Nationally, the average price of gas rose 1.2 cents over the past week to $3.34 a gallon, but that was down 8.5 cents from a month ago and 8.6 cents lower than a year ago.

“Hard to believe, but in a week that saw U.S. airstrikes on Iraq targeting terrorism, the resulting spike in crude oil prices was barely a ripple,” said GasBuddy Senior Petroleum Analyst Gregg Laskoski in a statement. “Undoubtedly, robust U.S. oil production this year has greatly reduced the potential volatility in global markets that such events would have otherwise induced.”