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Gas prices remaining steady in Santa Clarita Valley, dropping in California

Posted: July 2, 2012 5:09 p.m.
Updated: July 2, 2012 5:09 p.m.
 

 

Gas prices throughout the Santa Clarita Valley appear to be leveling off before the Fourth of July, while gas prices throughout the state are continuing their rapid decline, according to figures from gasoline price-tracking websites.

Gas prices ranged from a high of $3.89 a gallon to as low as $3.59 a gallon at a number of stations Monday, according to information from the gasoline price-tracking website gasbuddy.com.

The lowest price for gasoline in the Santa Clarita Valley is the same as one week ago, although more stations are offering gas at $3.59 a gallon this week, according to gasbuddy.com. The highest price for gasoline in the valley dropped 10 cents from one week ago.

In California, gas prices averaged $3.77 a gallon — a drop of 11 cents from a week earlier, according to the U.S. Energy Information Administration.

Gas prices in California are now two cents lower than a year ago.

Although gas prices in California have been dropping, some analysts are saying prices could begin rising again after a sharp spike in gas prices last week.

Oil prices dropped Monday on reports of weakening industrial production in China and a decline in U.S. manufacturing. The price of crude oil fell by $1.21 to end the day at $83.75 per barrel on the New York Mercantile Exchange.

“Oil prices rose significantly last Friday, reversing a downward trend,” said gasbuddy.com Senior Petroleum Analyst Patrick DeHaan in a statement. “It was the largest single-day jump in recent memory.”

Prices in different regions may stabilize or jump, DeHaan said.

“One thing is for sure — the yellow brick road won’t be leading us to cheaper pumps for much longer, something many Americans will undoubtedly tie to the upcoming holiday,” DeHaan said.

The Associated Press contributed to this report.

kjonas@the-signal.com
661-287-5517

 

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