California Gas Prices Fall; U.S. Average Rises

The average retail price of gasoline fell nearly 1 1/2 cents a gallon in the last week to $1.448 for regular self-serve unleaded, the Energy Information Administration said. The U.S. average rose almost a penny from the week before to $1.25 a gallon, the highest price in more than three years. Oil futures prices jumped to a 31-month high Monday at the New York Mercantile Exchange, closing at $24.21 a barrel, up 66 cents. A year ago, when oil futures were trading at about $14.50 a barrel, California motorists paid about $1.13 a gallon.