AAA Reports Gas Prices Keep Dropping "How Low Can You Go?
SAN FRANCISCO--Nov. 13, 2001--AAA reports that cities in Northern California continued to see dropping gas prices even as OPEC gets set to announce its fourth oil production cutback this year, in an effort to shore up falling crude oil prices.In the past month, the average price for a gallon of regular unleaded self-serve gas in Northern California fell 7 cents to $1.57, the lowest average price since February 2000. The Bay Area average is $1.66, a 13-cent monthly drop. South Lake Tahoe saw the biggest monthly decline, with prices plunging 23 cents to $1.50 a gallon. The cheapest gas in the state can be found in Fresno, where the average price for a gallon a regular unleaded is $1.22.
The national average fell 16 cents to $1.19, a 35-cent drop since September.
"A slumping U.S. economy and the fallout from the September 11 attacks has reduced demand for oil," said Bronwyn Hogan, AAA spokeswoman. "Not long ago, it seemed that oil would become alarmingly expensive. Now the question is how much cheaper will it get?"
The California average dove 16 cents to $1.44 a gallon.
"It's quite possible that the California average could drop to below $1.40 a gallon," said Alan Kovski, energy analyst. "Although OPEC is determined to stabilize crude prices, it is not in the cartel's interest to prolong or perhaps deepen the global economic downturn."
According to the International Energy Agency, world oil demand in the third quarter fell by an estimated 750,000 barrels per day (bpd) or about 1 percent, from the same quarter last year.
Motor gasoline demand remained strong, according to the Energy Information Administration (EIA) at approximately 3.6% above the same period last year. Jet fuel demand continues to increase on a week-to-week basis, but still averages 8% below the same time last year.
Established 100 years ago, AAA offers a wide array of automotive, travel, insurance and financial services. The California State Automobile Association serves 4 million members and is the second largest regional affiliate of the national AAA organization. AAA's Daily Fuel Gauge Report is the most comprehensive retail gasoline survey available, with over 60,000 self-serve stations surveyed daily. Data is provided in cooperation with OPIS Energy Group and Wright Express, LLC.
AAA Monthly Gas Price Averages, November 13, 2001
City/State Reg. CHANGE
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NOR. CALIF. 1.57 down 13 cents
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BAY AREA 1.66 down 13 cents
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CHICO 1.47 down 8 cents
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CONCORD 1.54 down 15 cents
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EUREKA 1.75 down 14 cents
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FREMONT 1.57 down 14 cents
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FRESNO 1.22 down 13 cents
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LAKE TAHOE 1.50 down 23 cents
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MARYSVILLE 1.45 down 12 cents
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MODESTO 1.42 down 16 cents
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MONTEREY 1.64 down 10 cents
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OAKLAND 1.70 down 14 cents
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PLEASANTON 1.65 down 13 cents
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REDDING 1.44 down 10 cents
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SACRAMENTO 1.51 down 14 cents
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SALINAS 1.59 down 10 cents
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SAN FRANCISCO 1.78 down 13 cents
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SAN JOSE 1.58 down 13 cents
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SAN MATEO 1.76 down 12 cents
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SAN RAFAEL 1.68 down 13 cents
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SANTA CRUZ 1.63 down 9 cents
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SANTA ROSA 1.55 down 13 cents
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STOCKTON 1.45 down 15 cents
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TRACY 1.43 down 17 cents
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UKIAH 1.70 down 10 cents
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VALLEJO 1.61 down 16 cents
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YREKA 1.62 down 14 cents
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NEVADA 1.41 down 12 cents
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CARSON CITY 1.44 down 8 cents
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ELKO 1.46 down 19 cents
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LAS VEGAS 1.29 down 14 cents
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RENO 1.45 down 10 cents
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SPARKS 1.40 down 12 cents
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UTAH 1.38 down 12 cents
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MOAB 1.51 down 14 cents
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OGDEN 1.34 down 13 cents
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OREM 1.29 down 20 cent
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PROVO 1.49 down 12 cents
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SALT LAKE CITY 1.31 down 12 cents
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SAINT GEORGE 1.39 down 12 cents
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CALIFORNIA 1.44 down 16 cents
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NATIONAL 1.19 down 16 cents
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