With a barrel of oil now cheaper than it’s been in more than a decade, gas prices are also plummeting.While it’s clearly good news for drivers, it’s having a negative impact on California’s oil and gas industry, and taking a toll on the economy as a whole.Here are five facts you need to know about gas prices and gas production in California:1) California has highest gas prices in U.S.: At $2.72 per gallon on average, California has the highest fuel prices in the nation. It’s followed by Hawaii at $2.64 and Alaska at $2.48, according to AAA.2) Cheapest gas station in Valley is: The Flying-J off of Interstate 5 in Lodi is believed to have the cheapest gas in the area at $1.89 per gallon, Gasbuddy.com reports.3) California oil rigs support jobs:California has 50,000 oil wells and eight active offshore oil rigs. They help support more than 455,000 jobs in the state, according to Western States Petroleum Association.4) Prices impact California oil and gas industry:The $204 billion generated by the California oil and gas industry is in serious jeopardy because of low gas prices. Profits -- as well as jobs -- could be lost.“Crude oil prices are down 60, 70 percent. That’s a straight reduction in revenue for people who have operating oil wells," California Energy Commission Senior Fuel Specialist Gordon Schremp said. "Their revenue streams are much lower than they anticipated.”5) Economy does not impact gas prices:Oil prices are based on supply and demand, not the state of the economy. However, low oil prices are spooking the already volatile stock market.“It’s largely psychological," Beacon Economics economist Jock O’Connel said. "The market is driven by fear in many instances.”