Politics & Finances

California Gas Prices Fall to Lowest Rate Since September 2

California Gas Prices Fall to Lowest Rate Since September 2

In October 2022, Californians faced a gas price crisis, with the average cost of fuel skyrocketing to $6.46 a gallon. 

At the time, Governor Gavin Newsom asked oil companies to switch to their “winter-blend” gasoline, which tends to be less costly for consumers. 

Los Angeles news station ABC 7 did note, however, that there was no timeline on when the cheaper gas could be arriving at pumps. It seems, though, that relief is now on the way for many California residents who have been plagued by high fuel costs. 

As Thanksgiving weekend has wound down, AAA reports that the average gas price is below $5.00 per gallon in the Golden State. The automotive association shared today that the average cost is $4.99 as of November 29, 2022.

This is still markedly more expensive than the national average of $3.52. 

Over the weekend, Doug Shupe, the Automobile Club of Southern California's corporate communications manager, confirmed that the lowest-priced gas stations in the region are now charging under $4.40 a gallon.

It is a welcome change for consumers who are in the midst of the holiday shopping season. 

In addition to new, lower prices at the pump, millions of California residents have already received gas rebate checks from the state. If you have not yet gotten your refund, CalMatters offers a free tool where you can see how much money you stand to receive. 

Furthermore, in early October, Newsom called for a new "windfall profit" tax on oil companies that would, in theory, be returned to California drivers. 

At this time, is not known if the California Assembly will pass any legislation regarding this during the 2023 legislative session.

What do you think about California’s falling gas prices?

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Steward Financial

Steward Financial

Jon Osborn is a tax preparer based in San Dimas, California. His company, Steward Financial Services, offers a broad range of tax preparation, accounting and business consulting for small businesses. He loves to work with clients who are looking for answers to complex tax and business planning issues. He has owned several small businesses and worked with over one hundred small business owners. He helps his individual and business tax clients find the best ways to spend their money in order to minimize IRS tax. Small businesses looking to grow, sell or just increase cash flow are one of Jon's specialties.

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