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LA gas prices dip below $3

December 10, 2014

For the first time in Los Angeles since Oct. 6, 2010

Gas

(Park Sang-hyuk / The Korea Times)

LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles County dipped under $3 today for the first time since Oct. 6, 2010, decreasing 1.6 cents to $2.987.

The average price has dropped 70 consecutive days, shedding 72.8 cents during the streak, including 1.4 cents on Tuesday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 91-day run of falling prices from Sept. 17-Dec. 16, 2008.

The average price is 9.7 cents less than one week ago, 26.3 cents lower than one month ago and 66.4 cents below what it was one year ago.

The Orange County average price dropped 1.6 cents today to $2.952, its lowest amount since Oct. 1, 2010. The Orange County average price has decreased 37 of the past 38 days and is 9 cents less than one week ago, 25.3 cents lower than one month ago and 67.4 cents below what it was one year ago.

The dropping gas prices are the result of sufficient gasoline supplies, lower crude oil prices and the typical early December lowered demand, according to Jeffrey Spring, the corporate communications manager of the Automobile Club of Southern California.