California gasoline price rose by the smallest amount in 12 weeks – Daily News

on Mar31
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California drivers got a bit of good fuel-price news: The cost of an average gallon of gasoline rose by the smallest amount in 12 weeks.

The U.S. Energy Information Administration’s yardstick for reformulated regular gas as of March 29 was up just 1 cent in a week to $3.77. Fuel is $1.13 pricier since the pandemic era low of $2.64 last May. That’s a 43% increase. Last time higher? Nov. 18, 2019.

Pump prices statewide have increased for 15 consecutive weeks after the fuel’s key ingredient, crude oil, soared in price. West Texas Intermediate, a U.S. benchmark for crude oil, is up 10% this year but it fell to $58 a barrel last week, off from 2021’s high of $66.

These increases are a big change from when gasoline prices tumbled 21% in two months at one point last spring as pandemic “stay at home” restrictions cut travel and fuel demand. Since then, a reopening economy plus production cuts worldwide have boosted gasoline prices.

Pricier fuel is not only a California trend.

Nationally, an average of all regular blends averaged $2.85 a gallon last week — a drop of 2 cents in a week. Still U.S. drivers are paying 83 cents more — or 59% — since last spring’s $1.77 low. That gap between state and U.S. prices is 32%, equal to the average difference seen during the last five years.

Gas-price trivia: This week compared to …

Five years ago? $2.78 a gallon in California vs. $2.07 nationally — a 35% gap — with $37 a barrel crude oil.

10 years? $4.03 statewide; $3.60 in the U.S.; with a 12% gap — with $108 crude oil.

15 years? $2.67 in California; $2.50 nationally; with a 7% gap — with $61 crude oil.

20 years? $1.68 statewide; $1.40 in the U.S.; with a 20% gap — with $26 crude oil.

25 years? $1.11 statewide vs. $1.16 nationally. Yes, cheaper in California — with $19 crude oil.

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