Should we connect the dots? From big oil companies’ gripes that their profits slipped to only around $4 billion and higher prices at the pump?
Fuel and economic pundits aren’t saying. Some have speculated that the average of more than $3 per gallon edged up there due to more positive economic news and higher crude oil prices.
Locally, gas prices in the Owens Valley range from $2.93 per gallon of regular unleaded to $3.30 per gallon. In Mammoth Lakes, the same gallon goes for around $3.60.
According to the Auto Club, news from OPEC that the oil cartel is content with $70 per barrel offered hope that prices will remain stable in the short term. The Auto Club also said that retail gas prices should mimic the stability of oil prices for now.
The Los Angeles Times reported that the average retail price of a gallon of regular in California climbed 14.4 cents over the last week. The article also speculated that we should see some gas price relief after Labor Day.