California gas prices are edging downward again after a brief bump at the pump. The statewide average for a gallon of regular gasoline slipped by a penny over the past week to $4.68, though that still sits 19 cents higher than this time last year.
Nationally, prices remain unchanged. The average cost for a gallon of regular fuel is holding steady at $3.08 — exactly the same as one year ago.
Analysts say the recent stability is tied to strong crude oil supplies, which have kept market pressures in check. With the busy Thanksgiving travel period approaching, experts expect pump prices to stay where they are or possibly dip slightly.
Across California, current averages include $4.50 in Contra Costa County, $4.63 in San Francisco, $4.55 in Oakland, $4.49 in both San Jose and Sacramento, $4.51 in Fresno, and $4.37 in Stockton.
New federal data also shows gasoline demand rising from 8.87 million to 9.02 million barrels per day, while total domestic supply fell from 206 million barrels to 205.1 million. Production, however, ticked up, averaging 9.9 million barrels per day last week.
… which are still 40%+ higher than the rest of the country despite Newsom’s campaign promises to bring them in line and stop big oil gouging