Gasoline Prices Rose 14.6 Percent in October 2012
SACRAMENTO – California’s gasoline consumption declined 1.1 percent while diesel consumption increased 3.7 percent in October 2012, according to fuel tax data released by the California State Board of Equalization (BOE).
“As an improving economy leads to increasing gas prices, Californians are taking the lead to reduce consumption and costs to working families with their commitment to fuel-saving technologies and changed driving habits,” said Betty T. Yee, First District BOE Board Member.
BOE’s fuel tax report shows Californians consumed 1.22 billion gallons of gasoline in October 2012, a 1.1 percent decline from the 1.23 billion gallons consumed during October 2011. In California, the average price of gasoline in October 2012 was $4.46 per gallon, a 14.6 percent increase. Nationally, the average price of gasoline in October was $3.81, according to the Energy Information Administration (EIA), an 8.7 percent increase. BOE estimates statewide gasoline tax-related revenues for October 2012 are about $165 million in sales taxes and about $440 million in excise taxes in California.
California’s diesel consumption increased 3.7 percent in October 2012 to 235 million gallons, compared to 226 million gallons in October 2011. In California, the average price of diesel fuel in October 2012 was $4.38 per gallon, an increase of 7.8 percent. Nationally, the average price of diesel fuel in October was $4.09, also an increase of 7.8 percent, according to the EIA. BOE estimates statewide diesel fuel tax-related revenues for October 2012 are about $93 million in sales taxes and about $26 million in excise tax in California.
For a more in-depth discussion of gasoline consumption, see the BOE Economic Perspective (February 2013) on the BOE website: http://www.boe.ca.gov/news/epcont13.htm
