LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped three-tenths of a cent today to $3.616, its lowest amount since April 19.
The average price has dropped eight of the past nine days, decreasing 2.4 cents, including one-tenth of a cent on Thursday, according to figures from the AAA and Oil Price Information Service.
The average price is 1.9 cents less than a week ago and 4.7 cents lower than one month ago but 60.9 cents more than one year ago. It has risen 46.6 cents since the start of the year.
The Orange County average price dropped four-tenths of a cent today to $3.549, its lowest amount since April 11. It has dropped nine consecutive days, decreasing 3.1 cents, including three-tenths of a cent each of the past three days.
The Orange County average price is 2.5 cents less than one week ago and 5.6 cents lower than one month ago but 56.2 cents higher than one year ago. It has risen 43.3 cents since the start of the year.
“Southern California refineries are producing at near-record levels while investors are worried about reduced demand, which led to a futures sell- off last week and a drop in wholesale prices,” said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
“This drop, combined with a significant worldwide downturn in oil prices this week, could mean continued price reductions at the pump in coming weeks.”
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