Gas Prices Hit $3 in California
Video by Marc Sallinger
Gas prices have plummeted by over one dollar this year with further declines expected, analysts said.
California has not seen gas prices in the two dollar range since 2011. These low prices can be found in San Bernardino, South Bay and the San Fernando Valley.
On Monday, the price of gas in L.A. metro area dropped $1.05 from this year's
high of $4.32. Prices in San Bernardino County are at an all-time low, having dropped $1.12.
One analyst said that it is possible for prices to descend to $2.85 by the end of the year.
Experts say the cause is the drop in prices of crude oil from the fields of Montana and North Dakota. The price has recently fallen to $30 per barrel.
Domestic production is high, all of California’s refineries are producing gasoline, which decreases demand for more expensive imports from Middle Eastern countries.
The end of the peak summer driving season has also lead refineries to switch over to their winter blends, which are less costly to produce. Experts have said that gas prices could drop lower than $3 per gallon in up to 30 states during the winter.
