Commodities
California Gas Prices Fall 2 Cents Amid Optimism Over Strait of Hormuz
The California average price for regular gasoline dropped by 2 cents this past week to $5.62, mirroring the national trend of a 3-cent decrease to $4.06 per gallon.
According to the Energy Information Administration (EIA), crude oil prices have fallen in the $70-per-barrel range due to optimism that the Strait of Hormuz will resume normal operations.
About half of states are paying below $4 per gallon on average, with Californians still paying about $1.12 more per gallon than they were at this point last year.
Gasoline demand decreased slightly last week from 9.04 million barrels per day to 9.03 million, while total domestic gasoline supply decreased from 211.3 million barrels to 209.7 million.