AVERAGE PRICE IN CALIFORNIA FOR GALLON OF GAS IS OVER $4.00
NEW YORK (AP) -- The price of oil fell Thursday as excitement faded over the U.S. Federal Reserve's decision to keep its monetary stimulus in place.
Benchmark oil for October delivery dropped $1.68, or 1.6 percent, to close at $106.39 a barrel on the New York Mercantile Exchange.
A day earlier, oil rose 2.5 percent after the Fed unexpectedly maintained its stimulus for the U.S. economy and the Energy Department reported a bigger than expected drop in supplies of crude oil and gasoline.
Meanwhile, most U.S. drivers are seeing lower prices at the gas pump. The nationwide average for a gallon of gasoline dropped below $3.50 for the first time since July 9. At $3.49 a gallon, the average is down 6 cents from a week ago. However, Californians aren't sharing in the relief. They're paying about 7 cents more on average than a week ago, due to unplanned maintenance at some refineries.
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