The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today to its lowest amount since March 12, decreasing 1 cent to $2.711.
The average price has dropped 31 consecutive days, decreasing 26.7 cents, including 1.7 cents on Thursday, according to figures from the AAA and Oil Price Information Service. The declines began immediately after the average price rose to its highest amount since Jan. 14.
The average price is 8.7 cents less than one week ago, 26.7 cents lower than one month ago and $1.242 below what it was one year ago.
The Orange County average price today dropped to its lowest amount since March 11, decreasing 1.4 cents to $2.688.
The Orange County average price has dropped 30 consecutive days, decreasing 27.6 cents, including another 1.4 cents on Thursday. It is 9 cents less than one week ago, 27.6 cents lower than one month ago and $1.231 below what it was one year ago.
“Large inventories and strong production from local refineries have pushed wholesale and retail prices lower for many weeks, creating about a $1.40 gap between wholesale and retail, a gap that should be narrower looking at historical trends,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
“However, experts are calling the current situation a temporary supply glut which will correct itself over the next few weeks because of continued strong demand.”
A six-cent increase in wholesale prices this week could mean dropping prices will end soon, according to Spring.
