In the past month, the price of gas in California has fallen to $3.99 a gallon, a 35 percent drop from the same time last year, according to data from GasBuddy.
The drop was caused largely by a shortage of gas and a lack of storage space.
While prices of gas have declined since the beginning of the year, it has not been enough to offset the rising cost of oil.
The price of crude oil fell from $108 per barrel to $53 per barrel on Monday, according of the US Energy Information Administration.
A similar drop in prices has been happening for other fuels as well.
Brent crude, which is the benchmark for gasoline, is down almost 40 percent from a peak of $115 per barrel in late September, according the Energy Information Agency.
Brent is currently trading at $56.51 per barrel.
Gasoline is also a major driver of energy prices.
It accounted for about 18 percent of California’s total energy consumption in 2015, according a recent study from the state’s Legislative Analyst’s Office.
Gas prices are also one of the major drivers of the state budget.
In 2017, California has $2.8 billion in unpaid bills and pension obligations, according data from the Legislative Analyst.
The state is spending $5.6 billion to help pay for the bills.
The money comes from the sales tax that helps pay for public employees pensions and unemployment insurance.
California also has a $9.3 billion surplus, which can be used to help lower the state government’s debt, said Assemblyman Richard Bloom, a Democrat who chairs the state Assembly Transportation Committee.
California is also the nation’s biggest exporter of gasoline.
Last year, the state imported almost half a million gallons of gasoline, according Datafolks, an online data provider.
The amount of gasoline that’s imported has been on a steady decline since the 1970s, when California began exporting gasoline, but the number of imported gallons has increased dramatically since the late 1980s.
California’s imports from other countries increased from 4.2 million gallons in 2015 to 10.4 million gallons last year.
In the last decade, the number has risen by a whopping 71 percent, according Energy Information Services.