Pump Prices Drop for 11th Straight Week

Retail gasoline prices in California fell for the 11th straight week despite the recent surge in crude oil prices, the Energy Department said Monday.

The average price for self-serve regular in the state dropped 3.7 cents to $2.055 a gallon, and now stands only 13.5 cents above its level of a year earlier, the agency’s Energy Information Administration said in its weekly survey.

Some gas stations in Los Angeles and Orange counties are selling regular for as low as $1.91 a gallon, according to Californiagasprices.com, which tracks regional fuel costs.

Regular grade gasoline in California hit a record high $2.327 a gallon in the May 31 survey. But prices have fallen ever since, even though crude oil has climbed above $46 a barrel.

That’s because refiners have been running nearly flat-out to produce gasoline this summer, swelling inventories enough to meet motorists’ demand, analysts said. Demand is expected to taper off after Labor Day, when the busy summer driving season ends.

Nationwide, the average gasoline price slipped 0.2 cent, to $1.875 a gallon, the EIA said.