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The average price of gas in Los Angeles is now $3.976, according to AAA. And this chart above from LosAngelesGasPrices.com has it even lower at around $3.96 for yesterday. The California average price is currently slightly lower at $3.993 and nationally, it is $3.702.
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Might have been a swing low. CL futures up 5 bucks this morning. So much for the bearish inventory data y-day.
The problem with charts like this is they leave out the big picture. Pull out a couple years in scale and it reveals this is likely a short lived dip in what is clearly an upward trend.
Yup, we're all the way back to May. Again I say, oh joy! When the 1-year graph shows this trend, I'll start smiling. And no, I don't expect to be smiling.