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According to AAA, which tracks gas prices as a service to consumers, all but one Northern California metro area tracked by the organization saw a double digit decrease at the pump over the past month.
The Golden State’s average for a gallon of regular, unleaded gasoline is $3.78, down 16 cents since last month’s AAA report on June 14. For perspective, that’s 64 cents higher than California’s average price on this date last year.
Among all 50 states, California is tied with Rhode Island, Washington and Michigan for the ninth highest state average price for regular, unleaded gasoline. Alaska is first and Hawaii is second. Both are the only states with averages over four dollars.
Northern California gas prices are now averaging $3.77, down 15 cents from last month.
In the San Francisco Bay Area, motorists can expect to pay an average price of $3.86, which is a 16-cent drop.
The national average price of $3.64 is down by 6 cents, which is 92 cents more than the national price on this date last year, when it was $2.72.
“There has been huge volatility with crude oil prices recently, which is reflected in the gas prices that consumers are seeing at the pump,” explained AAA Northern California spokesperson Matt Skryja. “This recent jump in pump prices, across many parts of Northern California, comes as demand for gasoline rose over the last week. Prior to that, demand had dropped the last two weeks in June.”
Recently, investors have been spurred to buy more crude oil by a weak U.S. dollar and positive news about Greece’s financial future. This helped to drive up the price of crude, with gas prices following.
Because oil futures are traded in U.S. dollars, when the dollar weakens, investors, including those holding foreign currencies, get comparatively more oil for their money. This makes crude oil a more attractive investment, which puts pressure on prices to move higher.
Additionally, positive economic news spurs investors to buy, as they see growing economic strength as an indication that demand will increase.
On July 8, a reversal of this positive outlook started to take hold. Poor jobs numbers in the U.S. and economic concerns about Portugal and China helped to curb investors’ buying activity and helped to put downward pressure on crude prices.
The least expensive average price in Northern California can be found in Marysville, Modesto and Tracy where regular is $3.66.
Of all the metro areas in Northern California where gas prices are tracked by AAA, Eureka’s average price of $4.07 is the highest. It’s also the highest price in the lower 48 states.
The least expensive gasoline in the country is found in St. George, Utah, where the average price of gas is $3.40.
Wailuku, Hawaii, holds the dubious crown for the highest average price in the nation, at $4.37 per gallon.
AAA now offers text alerts via mobile phone for low gas prices in your area. Sign up today at www.aaa.com/gas.
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The workshop will be held from 1 p.m. to 4 p.m. Thursday, July 28, 1000 Hensley Creek Rd, Ukiah.
Find out how Energy Upgrade California can help you build your business.
As a business owner, you're always looking for new ways to build out your services and get new clients. Energy Upgrade California can help you do just that.
During the free workshop you'll learn how to get involved, gain visibility with homeowners who are looking for contractors doing the work, and make the most of program rebates and incentives.
You'll learn valuable information about home performance and Energy Upgrade California; how to participate in the Pacific Gas and Electric Co. service territory; marketing support and outreach activities; contractor enrollment process and requirements; jobs reporting and rebate application; field mentoring, quality assurance and safety; and local opportunities and government incentives.
Pre-registration is required. For more information and to attend, visit https://energyupgradeca.org/events/20110713T201417Z-380@renewfund-com and click “Register Now.”
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SACRAMENTO – California Agriculture Secretary Karen Ross is encouraging members of the California agricultural community to nominate representatives of the state’s fruit and vegetable industry to serve on the nation’s Fruit and Vegetable Advisory Committee for the 2011-13 term.
“As the nation’s leading producer of fruits and vegetables, California should be well-represented on this national committee,” Ross said. “This advisory group helps the United States Department of Agriculture’s leaders pursue policies and programs that meet the needs of this dynamic industry.”
The advisory committee was formed in 2001 to help USDA address issues faced by the fruit and vegetable industry, including helping to tailor the programs of USDA’s Agricultural Marketing Service (AMS).
The USDA secretary will appoint up to 25 representatives from the nation’s fruit and vegetable industry to serve two-three-year terms.
The committee, established under the authority of the Federal Advisory Committee Act of 1972 (Public Law 92-463), will include individuals from fruit and vegetable growers/shippers, wholesalers, brokers, retailers, processors, fresh cut processors and food service suppliers.
Individuals from state agencies involved in organic and non-organic fresh fruits and vegetables at local, regional and national levels, state departments of agriculture and trade associations will also be represented.
Written nominations must be received on or before July 20, 2011 and should be sent to Robert C. Keeney, Deputy Administrator, c/o Pamela Stanziani, Designated Federal Officer, Fruit and Vegetable Programs, USDA Room 2077-S, Stop 0235, Washington, D.C. 20250-0235; faxed to (202) 720-0016; or e-mailed to
Details of this notice appeared in the June 27, 2011 issue of the Federal Register.
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"School districts, nonprofits and municipalities in this case were all defrauded by Wall Street," Attorney General Harris said. "This settlement brings a measure of restitution, justice and closure to the victims."
The settlement was based on allegations that JPMC made secret deals with competitors handling the bidding process.
This allegedly illegal conduct included bid-rigging, peeking at competitors' bids and offering non-competitive courtesy bids. These schemes enriched the financial institutions and brokers at the expense of cash strapped state agencies, cities, school districts and non-profits that could ill afford the steep financial consequences of this illegal conduct.
The settlement also provides that JPMC will pay $17 million in restitution directly to certain other government and not-for-profit entities as part of separate agreements it entered into today with the U.S. Securities and Exchange Commission and the Office of the Comptroller of the Currency.
The state and federal settlements are distinct components of a coordinated global $228 million settlement that JPMC entered into today. JPMC also reached agreement with the U.S. Department of Justice's Antitrust Division, the Internal Revenue Service and the Federal Reserve Board.
JPMC is the third financial institution to settle with the multistate working group in the ongoing municipal bond derivatives investigation following Bank of America and UBS AG. To date, the state working group has obtained settlements worth approximately $250 million. California entities are set to receive approximately $6.7 million for restitution under the JPMC settlement.
Municipal bond derivatives are contracts that tax-exempt issuers use to reinvest proceeds of bond sales until the funds are needed, or to hedge interest-rate risk.
In April 2008, the states began investigating allegations that certain large financial institutions, brokers and swap advisors engaged in various schemes to rig bids and commit other deceptive, unfair and fraudulent conduct in the municipal bond derivatives market.
The investigation, which is still ongoing, revealed collusive and deceptive conduct involving individuals at JPMC and other financial institutions, and certain brokers with whom they had working relationships.
The allegedly wrongful conduct took the form of bid-rigging, submission of non-competitive courtesy bids and submission of fraudulent certifications of compliance to government agencies, among others, in contravention of U.S. Treasury regulations.