SACRAMENTO – Record-high California retail gasoline prices began to ease on Wednesday, receding from nearly $5 a gallon, even as further refinery disruptions threatened to slow the decline. The average price of a gallon of regular gasoline in the state dipped by a half cent to $4.666, according to the AAA Fuel Gauge website, easing from the previous day’s record. A dramatic spike in prices began just over a week ago.
While wholesale market prices had begun falling last Friday, it took some time for retail rates to follow. Prices are still up more than 45 cents from just a week ago, and the premium that California’s motorists are paying versus the U.S. average is still unusually wide at 85 cents.