California gas prices drop by a half-penny

Associated Press Modified: October 10, 2012 at 5:16 pm •  Published: October 10, 2012

Denton Cinquegrana, executive editor of the Oil Price Information Service that helps AAA compile its gas price report, said Chevron's announcement confirmed what analysts expected and shouldn't have any effect on gas prices. The switch to winter blend is more important and should move prices lower, he said.

"I think the worst is in the rearview mirror right now and that between Halloween and Election Day California will be back to where we were before the spike," Cinquegrana said.

Chevron officials did not return calls for comment.

Several lawmakers have called for investigations and hearings to determine whether the price surge was the result of manipulation by oil companies.

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Associated Press writer Jason Dearen in San Francisco contributed to this report.