Business & Real Estate

Experts say weeks-long slide in gas prices likely coming to an end

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

The weeks-long pace of gas price declines in the Sacramento area slowed last week, and experts believe the consumer-pleasing slide is likely coming to an end.

The region’s average retail price of gasoline fell just 1.3 cents over the past week to $2.33 a gallon, according to GasBuddy.com, which does a daily survey of 720 gas outlets in the area. That’s 20 cents lower than a month ago and nearly $1.10 below what area motorists were paying a year ago.

Nationwide, the average price increased 2.7 cents over the past week to $2.05 a gallon, down $1.23 from last year and nearly 16 cents below the month-ago average.

“The four-month slide in gasoline prices has indeed come to a halt,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. He said a reduction in refinery output has been matched by sharp increases in wholesale gasoline prices.

In the last three weeks, he said, “Wholesale prices on average are up 20 cents per gallon, so there’s no doubt now that the first-quarter climb is under way and is already being reflected in rising prices at the pump.”

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

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