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Gas prices fall, but remain at seasonal records

Gas prices continued to fall over the past week in California and across the rest of the nation
Pump prices continued to fall over the past week in California and across the rest of the nation, but they remained at record levels for the end of November.

The average price of a gallon of regular gasoline in California today is $3.710, according to AAA. Prices in California have fallen by 13.1 cents a gallon over the last month, but a gallon of gasoline cost only $3.164 on the same day last year. The current price is also 29.5 cents a gallon higher than the old record for this day, which was set in 2007.

Nationally, the average price of a gallon of regular gasoline today is $3.295, according to the AAA Fuel Gauge Report, which is an average of the daily receipts collected at more than 100,000 service stations across the U.S. That represents a drop of 5.6 cents over the last month. But the average price a year ago was just $2.86 a gallon. The national average is also 19.9 cents a gallon higher than the old record for this day of the month, which was also set in 2007.

In other energy news, oil prices were boosted by big holiday retail sales in the U.S. and by indications that Europe may finally find a way out of its debt crisis.

The U.S. commodities trading benchmark, West Texas Intermediate crude, was up $1.60 to $98.37 a barrel on the New York Mercantile Exchange. In London, the European commodities trading benchmark, Brent North Sea crude, was up $1.82 to $107.58 a barrel on the ICE Futures Exchange.

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-- Ronald D. White

Photo: A customer pumps gas at a Costco fueling station in Matthews, N.C. Credit: Chuck Burton / Associated Press

 
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