Gas prices in LA County drop to lowest amount since late April


More relief for people at the pump in Los Angeles County as the average price of a gallon of self-serve regular gasoline in Los Angeles County decreased Saturday for the 39th consecutive day. 

The price dropped 3.5 cents to $5.806, its lowest amount since April 29.

The average price has dropped 65.6 cents over the past 39 days, including 3.2 cents Friday, following an 18-day streak of increases totaling 36.9 cents that pushed prices to record highs, according to figures from the AAA and the Oil Price Information Service.

Global economic concerns “are pushing oil prices lower and less expensive oil leads to lower pump prices,” said Andrew Gross, an AAA national public relations manager. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.” 

The average price is 18.2 cents less than one week ago and 58 cents lower than one month ago, but $1.454 more than one year ago.

“Los Angeles wholesale gasoline prices have dropped by about $1.50 since their highest point in early June and are now at their lowest level since Feb. 28,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.

The Orange County average price also decreased for the 39th consecutive day, dropping 2.8 cents to $5.706, its lowest amount since March 9. It has decreased 70.2 cents over the past 39 days, including 3.8 cents Friday. The run of dropping prices follows a 17-day streak of increases totaling 35.1 cents.

The Orange County average price is 17.1 cents less than one week ago and 60.4 cents lower than one month ago, but $1.389 more than one year ago.

“A few stations in Los Angeles and San Diego counties have already dropped their prices below $5 a gallon, and we would expect more stations will join them provided current trends continue,” Shupe added.


Source : https://www.cbsnews.com/losangeles/news/gas-prices-in-la-county-drop-to-lowest-amount-since-early-may/

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