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Will Gas Prices Break $4 A Gallon? |
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Thursday, 03 April 2008 |
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Gasoline prices in California
are on the rise again after subsiding
for a couple of weeks, but a leading consultant is backing away from an earlier
prediction that the average price in California
will hit $4 this spring. The statewide average did hit an average $3.65
a gallon Wednesday, according to AAA. The Sacramento
and Amador areas paid $3.65 as well, also a record for the region.
The most
expensive gas, among the 25 California markets
surveyed daily by AAA, was found in San Francisco
and San Luis Obispo:
$3.78 a gallon on average. Consultant David Hackett, of Stillwater Associates
in Irvine, said
gas prices continue to be hostage to the cost of crude oil. The price of crude oil
had dipped to around $100 a barrel, leading to a pause in gas prices, but is
now going back up again. He
noted that California's
gas consumption continues to fall, which also takes the edge of prices. Gas
sales fell nine-tenths of a percent in 2007, and 1.4 percent in the fourth
quarter of 2007.
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Last Updated ( Wednesday, 16 April 2008 )
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