Business & Real Estate

Sacramento-area gas prices continue to plunge, down to $2.35 a gallon

Eric Henry gases up his car in Sacramento.
Eric Henry gases up his car in Sacramento. AP

The average retail price of gasoline in the Sacramento area plunged below the $2.40-a-gallon threshold over the past week, according to national gas price tracker

GasBuddy, which does a daily survey of more than 700 gas outlets in the area, said the average price fell another 5.8 cents to $2.35 a gallon. That’s 22.3 cents less than a month ago and $1.07.9 below the average price one year ago.

The national average fell 2.3 cents to $2.02 a gallon, down 27.1 cents from last month and a decrease of $1.25.8 from this time last year.

“Welcome back, $1.99. This is the week that we’ll see the return to a national average of $1.99 a gallon, but motorists shouldn’t expect it to last very long. Refineries have been processing less crude oil and thus producing less gasoline, which will contribute to a soft bottoming out of the national average before a small recovery back in the very low ($2-a-gallon range)," said Patrick DeHaan, senior petroleum analyst with GasBuddy.

DeHaan said a “seasonal lift” in prices is coming soon, when refineries do maintenance work and ramp up production of cleaner burning, but more expensive spring/summer gasoline blends. He said prices started to drift upward in the second week of February last year, and that trend lasted into early May.

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