Gas prices drop 6 cents in past week to $2.49

After soaring well above the rest of the nation, the average gasoline price in the Los Angeles region fell almost 25 cents below their highs of a month ago.

Even as the US produces more oil domestically, foreign oil supplies are steadily pumping. The difference for Californians is about 31 cents compared to past year.

The lowest price reported in the area Monday morning was $2.28, at the Shawnee Fuel Stop at Breese Road and Interstate 75.

Nationally, prices were down 5.4 cents to $2.60 per gallon over the same period, according to GasBuddy’s surveys.

But that could change, Jenkins said, depending on taxes and oil and gas production costs – how much companies have to spend to find oil and extract it from the ground. The lowest was in Charleston, S.C., where customers paid an average of $2.19 a gallon.

Gregg Laskoski, another senior petroleum analyst with GasBuddy, added that the gasoline price hikes seen earlier in the summer were due to the extraordinary price spikes in California, which inflated the national average.

“There will be thousands, even tens of thousands of stations below $2 by the time we’re into football season”. According to AAA’s Daily Fuel Gauge Report, metro Albany had the cheapest average price for a gallon of retail gas for the eight Georgia metro areas listed on the report.

That’s because Palmetto State residents have some of the lowest income levels in America – meaning they pay a disproportionately high percentage of what they earn on gasoline.

West Texas Intermediate (WTI), the domestic benchmark for crude oil, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term.

Montgomery noted the price drop has slowed over the weekend.

Gas prices have been dropping steadily for the past year, and experts say that this decline will continue.