After record-setting highs in early October, prices have dropped $1.85 per gallon
its strict zero-COVID mandates but the sheer number of cases and the restrictions’ effects have softened global demand.in September have been resolved, resulting in increased gasoline inventories in the Golden State.
De Haan estimated the resumption of output accounts for about half of the fall in prices in the past couple of months and predicted California gas prices could drop another 50 cents “by the end of the year, start of next year.” “Nationally, I think that the trend is that gasoline will eventually bottom out probably in the next couple of weeks but California will continue a little bit beyond that simply because of how much prices had gone up back in October,” De Haan said. “It’s football season, so nationally we may be somewhere in the fourth quarter of decline . I would say that California might be more like in the third quarter.
The steep decline comes as Gov. Gavin Newsom has called a special session of the Legislature in Sacramento to enact a cap on profits for California’s five major refiners.last week that would dock refiners whenever their profits exceed a certain threshold. The exact amount was not specified but would be determined by a “maximum gross gasoline refining margin” based upon a calculation of the average profit per barrel that refiners earn each month for wholesale gasoline..
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