Current Gasoline Price in California Posts a First Time Increase in 9 Weeks

The weekly survey on fuel prices by the Energy Department shows that retail gas prices today in the state of California posted its first time increase in a nine-week period. Moreover, the data shows a modest rise in gasoline’s average price throughout the country over the past week.

The current gasoline price in California averages $3.753 per gallon. That rate reflects an increase of about 0.2 cents since the 9th of July. The cost of gasoline in the state was lower by 4.7 cents per gallon compared to the previous year.

According to the Energy Department, the country’s average of gas prices today rose by 1.6 cents for $3.427 per gallon. That rate is lower by 25.5 cents compared to the average last year.

Oil Price Information Service’s chief oil analyst . Tom Kloza said that Americans are still spending quite a bit for fuel. Furthermore, he noted that drivers all throughout the country recently spent a total of around $1.27 billion in one day just for fuel alone. Last year, motorists in the United States paid an average of about $1.39 billion daily for fuel, added Kloza.

In other energy news, the crude oil price per barrel in the NYMEX rose by $1.33 to $88.43. According to analysts, the increase may be attributed to the renewed hopes that additional steps will be taken by the Federal Reserve to support the recovery of the weak U.S. economy. Similarly, the crude oil price per barrel of Brent gained $1.95 at $103.37.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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