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. 27, decreasing eight-tenths of a cent to $3.367.
The average price has dropped nine consecutive days and 14 of the past 15, decreasing 9 cents, including four-tenths of a cent on both Wednesday and Thursday, according to figures from the AAA and Oil Price Information Service.
The average price dropped five consecutive days, was unchanged Dec. 26, then resumed decreasing the next day.
The average price rose 3.6 cents in the three days before the start of the stretch of decreases.
The average price is 4.3 cents less than one week ago and 16.7 cents lower than one month ago but 17.2 cents higher than one year ago.
The Orange County average price dropped for the 15th consecutive day, decreasing six-tenths of a cent to $3.327, its lowest amount since Jan. 26.
The Orange County average price has dropped 8.9 cents over the past 15 days, including seven-tenths of a cent on Thursday. It had risen five times in the six days immediately before the streak of decreases, increasing 4.7 cents.
The Orange County average price is 4.7 cents less than one week ago and 15.2 cents lower than one month ago but 15.6 cents higher than one year ago.
A major West Coast refiner “sold off excess supply on the `spot' market where retail locations buy gasoline to resell” which “is likely to continue the downward pressure on Southern California pump prices,” said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager, citing a report from the Oil Price Information Service Thursday morning.
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