Crude oil oversupplies and record high-refinery output are responsible for California gas prices falling for 15 consecutive days, according to AAA Northern California’s latest gas survey.
Today’s price is registering $3.56 on average for a gallon of unleaded gasoline. That is a 24 cent decrease in one month since AAA’s last month’s gas survey on July 10, 2015.
In San Mateo County, the average price for a gallon of gas is $3.41, down 13 cents, according to AAA.
The least expensive average price in Northern California can be found in Marysville, where regular unleaded gasoline is $3.09 per gallon. Of all metro areas tracked by AAA in Northern California, Yreka registers the highest price at $3.48 per gallon of unleaded regular, according to AAA.
Expectations that the global oil market will remain oversupplied in the near term are keeping downward pressure on the price of crude. The Chinese economy continues to show signs of weakness, which increases concerns that this expected driver of global consumption may not be poised to help counter the market’s oversupply, according to AAA.
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