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Southland gasoline prices are coming down

May 6, 2014

The average price per gallon drops for seven consecutive days
3.4 cents less than a week ago, but still 37 cents higher than one year ago

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

LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest daily decrease since Jan. 18 today, dropping eight-tenths of a cent to $4.291.

The average price has dropped for seven consecutive days and is 3.4 cents less than a week ago, but 17.8 cents more than one month ago and 37 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

The dropping prices follow an eight-day streak of increases that pushed the average price to its highest amount since Feb. 26, 2013.

The Orange County average price dropped for the eighth consecutive day today after rising six times in seven days to its highest amount since Oct. 25, 2012.

The Orange County average price decreased six-tenths of a cent to $4.286, 3.1 cents less than a week ago, but 18.7 cents more than one month ago and 39.3 cents higher than one year ago.

The dropping pump prices follow a 30-cent drop in wholesale gasoline prices from April 25 to Friday, ”an indication that supply issues may be straightening themselves out locally,” Marie Montgomery of the Automobile Club of Southern California told City News Service.

However, current wholesale prices have yet to drop to a level where we’re likely to see gas prices lower than $4 a gallon,” Montgomery said.