Justin Sullivan/Getty Images
A customer pumps gasoline into his car on June 12, 2012 in Mill Valley, California. According to the Energy Department's weekly fuel survey, the average pump price in California dropped 9.6 cents in the past week to bring the price of a gallon of regular gasoline to $4.164 compared to $4.260 one week earlier.
We’re a month into the summer driving season, and there’s something unusual afoot: gas prices should be rising, but they’re dropping. Over the last week, gas prices in California have dropped an average of twelve cents a gallon, and some analysts predict they’ll plunge further by the time the season ends – perhaps hitting $3.25 a gallon. In fact, wholesale prices for gas on the West Coast are now among the lowest in the nation, even in California, which is known for its isolation from the rest of the country’s fuel sources and its limited refining capacity.
Join Patt today to find out why and if its enough to make a difference.
Tom Kloza, editor and publisher, as well as chief oil analyst for the Oil Price Information Service