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L.A. gas prices hit three-year low

October 17, 2014
The average price for gas has dropped for seven consecutive days. (Korea Times file)

Gas prices in Los Angeles have been steadily declining in the past few months due to plummeting oil and wholesale gasoline prices. (Korea Times file)

LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today to its lowest amount since Dec. 23, 2011, decreasing 2.2 cents to $3.565.

The average price has decreased 16 consecutive days and 39 of the past 40, dropping 26.3 cents over that span, including 1.7 cents on Thursday, according to figures from the AAA and Oil Price Information Service.

Today’s 2.2-cent decrease was the largest daily decrease since Nov. 8, 2012.

The average price is 10 cents less than one week ago, 21.2 cents lower than one month ago and 24.2 cents below what it was one year ago.

The Orange County average price dropped to its lowest amount since Dec. 24, 2011, decreasing 1.9 cents to $3.544. It is 8.6 cents less than one week ago, 20.1 cents lower than one month ago and 22.6 cents below what it was one year ago.

The Orange County average price has decreased 15 consecutive days and 37 of the past 39, dropping 25.2 cents over that span, including 1.7 cents on Thursday.

The falling pump prices are the result of plummeting prices for oil and wholesale gasoline, according to Jeffrey Spring of the Automobile Club of Southern California.

“Provided no supply issues occur locally, we can expect prices to continue dropping at least in the near future,” Spring said.