Gas Prices Likely To Stay In $2 Range For Rest Of The Year
SACRAMENTO (CBS13) — Gas prices are still dropping, with the average cost of a gallon of gas dipping every day for the last 102 days.
Nationally, a gallon of regular gas costs $2.19. In California, that moves to $2.65, and locally $2.53 in Sacramento, $2.52 in Stockton and $2.48 in Modesto.
We may not get much lower, but experts are predicting gas prices to stay in the $2 range for the rest of the year.
A year ago, prices were at $3.65, and just a month ago, it was $2.99.
Analysts tie the dramatic drop to a worldwide gas surplus as crude oil prices plummet. A global battle over supply is hitting the oil market hard, but Consumer Watchdog president Jamie Court says all in all, it's still a win.
"If costs are going down, awfully hard to jack up prices suddenly even if want to to undermine global warming policies," he said.
California's new global warming cap-and-trade law pushed gas prices up by pennies, but watchdogs also say it's encouraging lawmakers to keep an eye on companies who would basically have to turn off their refineries to jack prices back up.
"If oil prices are low and gas climb they'll have investigation have subpoenas," Court said. "I'm happy legislators concerned about gas prices more than they have been in a long time."