Average Gasoline Price Spiked to $4.26 in Second Quarter 2012
(Victor Valley)– California’s gasoline demand rose 0.8 percent in the second quarter of 2012 with prices hitting $4.26 per gallon, according to fuel tax data released by George Runner, Second District Member of the California State Board of Equalization (BOE). Diesel consumption increased 1.3 percent in the second quarter of 2012 as prices averaged $4.25 per gallon. This is the fifth consecutive quarter of rising diesel consumption. Generally, diesel use follows economic activity and is closely related to construction and transportation of goods.
“Rising fuel consumption shows the vitality of California’s private sector, which is persevering despite tremendous obstacles,” said Runner. “However, California’s economic recovery would be far stronger if gas prices were lower and businesses weren’t fleeing our state.”
BOE’s fuel tax report show Californians consumed 3.69 billion gallons of gasoline in the second quarter of 2012, a 0.8 percent increase from the 3.66 billion gallons consumed during the second quarter of 2011. Historically, gasoline consumption has declined for six consecutive years. Since 2005-06, California gasoline consumption has declined by 1.3 billion gallons, an 8.2 percent decline.
California’s average gasoline prices rose 13 cents to $4.26 in the second quarter of 2012, a 3.1 percent increase compared to last year’s second quarter average price of $4.13 according to the U.S. Energy Information Administration (EIA). The U.S. regular gasoline price averaged $3.78 a gallon down 7 cents in the second quarter of 2012, from same quarter last year.
California’s diesel consumption rose 1.3 percent in the second quarter of 2012, up 9 million gallons to 676 million gallons compared to 667 million gallons in the second quarter of 2011. During the second quarter of 2012, California’s average diesel prices were down 8 cents to $4.25 per gallon in the second quarter according to the EIA. Nationally,average diesel retail prices were also down (6 cents) to $3.95 in the second quarter of 2012 compared to the same quarter in 2011.