Sacramento-area gas prices dip again, fall to near $2.20-a-gallon threshold

Sacramento-area gasoline prices fell another 9.4 cents over the past week, dipping well below the $2.25-a-gallon threshold and falling to their lowest level since March 26, 2009, according to national fuel tracker GasBuddy.com.

GasBuddy said the average retail price of gas in the area came in at $2.21 a gallon, about 30 cents lower than one year ago and down 38 cents from last month.

Local gas prices have plunged over the past month amid declining crude oil prices and ample supplies of winter-blend fuel.

Nationally, GasBuddy said the average price of gas fell about a nickel last week and now stands at $1.74 a gallon.

GasBuddy said gas inventories in the U.S. rose to their highest January levels since 1990, but the party likely will end soon when refineries ramp up to produce pricier spring/summer gas blends.

“Gasoline prices continue to plunge coast to coast as refiners continue to churn out winter-spec gasoline that will soon need to be purged,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “…Don't get too relaxed. The shift in specifications will lead to an eventual lift in prices once winter gasoline is gone.”

This story was originally published February 8, 2016 at 10:24 AM with the headline "Sacramento-area gas prices dip again, fall to near $2.20-a-gallon threshold."