Sacramento-area gas prices dip below $3-a-gallon threshold

31 Aug 2015 | Author: | No comments yet »

Gas Prices Plunge As BP Refinery Goes Back Online.

Average at-the-pump retail costs, which have been falling steadily for a month, dropped nearly 13 cents over the past week to an average of $2.99 a gallon, according to Monday’s report by national gas price tracker CHICAGO (CBS) — Repairs at BP’s Whiting, Ind., refinery sent gasoline prices plunging last week across Chicago and nationwide, the biggest single-week drop this year. “Prices moved lower in all but one state, Utah, with plunges at the pump throughout the Great Lakes as a result of BP’s Whiting, Indiana refinery coming back online. “The national average now stands at its lowest point since April, a fitting way to close out the summer driving season with Labor Day approaching.”, which surveyed 875 gas stations in the state, says that’s 12 cents lower than the national average, which fell 12.8 cents per gallon to $2.47. With refinery maintenance season coming up and the demand from refiners decreasing, oil prices could face more downward pressure on the horizon in the near term. Separately, the auto club forecast that low gas prices and a stronger US economy would drive more Americans to hit the road between Sept. 3 and Sept. 7 for Labor Day.

The group predicts 35.5 million people will travel 50 or more miles for leisure on the weekend that typically marks the end of summer, higher than last year’s total of 35 million, with most of those travelers driving.

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