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 Jan. 29, decreasing eight-tenths of a cent to $3.41.
The average price has dropped seven times in the past eight days, decreasing 4.7 cents, including 1 cent on Thursday, according to figures from the AAA and Oil Price Information Service.
The average price rose 3.6 cents in the three days before the start of the stretch of decreases.
The average price is 3.8 cents less than one week ago and 20.2 cents lower than one month ago but 26.9 cents higher than one year ago. It has risen 26 cents since the start of the year.
The Orange County average price dropped for the eighth consecutive day, decreasing two-tenths of a cent to $3.374.
The Orange County average price has dropped 4.2 cents over the past eight days, including three-tenths of a cent on Thursday. It had risen five times in six days immediately before the streak of decreases, increasing 4.7 cents.
The Orange County average price is 3.2 cents less than one week ago and 18.5 cents lower than one month ago but 27.6 cents higher than one year ago. It has risen 25.8 cents since the start of the year.
“Oil prices mostly fell last week, reaching their lowest level since the third quarter of 2017, as market observers have concerns that the global crude market is oversupplied,” said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
“To reduce the oversupply of crude globally, OPEC and non-OPEC producers announced that beginning in 2019, they will reduce crude production for six months. This move could drive crude oil prices up, and in turn drive gas prices higher in the new year.”
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