LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped one-tenth of a cent today to $4.674, one day after decreasing three-tenths of a cent.
The average price is seven-tenths of a cent less than one week ago and nine-tenths of a cent lower than one month ago but $1.376 higher than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped 4.2 cents since hitting the record high of $4.716 on Nov. 27.
The Orange County average price rose one-tenth of a cent to $4.647 after dropping by two-tenths of a cent for three consecutive days. It is six- tenths of a cent less than one week ago and a half-cent lower than one month ago but $1.375 higher than one year ago.
The Orange County average price has dropped 4.2 cents since rising to $4.689 on Nov. 26, one-tenth of a cent less than the record set on Oct. 8, 2012.
``Markets, in general, don't like uncertainty and volatility, and the oil market is no exception,'' said Andrew Gross, an AAA national public relations manager. ``The oil production cuts by Kazakhstan demonstrate that in times of tight supply, it doesn't take much to put upward pressure on the overall price of oil.''
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has increased for 12 of the past 15 sessions to $81.22, its highest settlement value since Nov. 11.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.