Gas prices dropping after July Fourth holiday weekend; up over June prices

While the price to pump gasoline nationwide is down, the cost to fuel vehicles here in California has gone up. But, there is evidence prices began to dip after the July Fourth holiday. AAA of Northern California reported Tuesday that the average price of unleaded gas on the national level is $2.71, down one cent from June’s prices and up 18 cents over this time in 2009. In comparison, gas prices in California average around $3.14, up sixe cents over last month. That’s up 24 cents from this time last year. “The price at the pump continues to be largely impacted by how investors view oil as an investment opportunity, versus the traditional supply and demand factors,” said Matt Skryja, AAA spokesman. “The better the economy is doing, the more oil investors buy, because they try to anticipate increased demand. The European debt crisis, and predictions of a higher than average hurricane season, are currently dampening any huge run-up of the price of oil.” California’s gas is the third highest in the nation behind Lake Tahoe’s average price of $3.35 per gallon and Wailuku, Hawaii’s average of $3.78 per gallon. The least expensive gas in the nation is $2.43 in Greenville South Carolina. Locally, Santa Cruz area gasoline costs an average of $3.12, up $.11 above last month’s prices. In Monterey, the average price to pump is $3.15, an increase of $.09 cents over June. And in the San Francisco Bay Area, $3.22 is the average price to pump, up $.03 since last month.
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