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LA Wholesale Gasoline Down To $1 A Gallon

January 26,2016-

Screen shot 2012-06-09 at 7.35.08 AMLos Angeles RBOB gasoline futures are down to $1 a gallon today having now dropped from $1.65 in December and $2.68 as of July 2105.The wholesale price was $3 in February 2013. The price drop, fueled by $30 a a barrel oil,is finally reducing retail prices at the pump in California to below $2 a gallon at a few stations including one in  both Tulare and Fresno as of today selling for  $1.99 according to Gas Buddy. The state joins the rest of the nation who has seen a steady decline in retail gas prices.

Nationwide AAA reports that tumbling crude oil prices around the world have helped send the national retail average price for gasoline to its lowest mark since February 2009. Retail averages have fallen for 63 of the past 74 days, for a total savings of 34 cents per gallon, reaching today’s price of $1.88 per gallon. Gas prices are down seven cents per gallon on the week, which is the fastest pace gas prices have dropped since the middle of November. Motorists typically enjoy falling gasoline prices in early winter due to decreased demand for gasoline and that also is helping to push prices downwards. Despite recent declines, the national average price of gas is only 18 cents per gallon cheaper than a year ago since prices also were very low in early 2015.

Around California Gas Buddy is reporting that Lodi is sporting the lowest price in the state at $1.89. In our reading area the lowest price in Visalia is at Costco selling regular for $2.09. San Luis Obispo’s  lowest is at Costco selling for $2.59.

The average California price is down to $2.65 having dropped about 30 cents this month with room to drop lower if the RBOB futures are any guide having plunged 68 cents this month.That could mean widespread gasoline availability below $2 a gallon in coming weeks.

If lower oil and gasoline prices are good news for California motorists, in Kern County its a another story. The Bakersfield Californian reports that  lower oil revenues will be hitting local government hard.
“Assistant County Administrative Officer Nancy Lawson, who builds the county’s budget each year, said Kern is bracing for a $35 million drop in property tax money — $10 million of which will hit the Kern County Fire Department directly.”

In addition job losses in  he oil industry in Kern County are numbering in the thousands in recent months.

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