LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped two-tenths of a cent today to $4.255, one day after a 21-day streak of increases that pushed it to its highest amount since July 21, 2015, ended with a decrease of one-tenth of a cent.
The average price is 4.5 cents higher than one week ago, 57.6 cents more than one month ago and 37.1 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen 86.4 cents since the start of the year.
The average price rose 58.6 cents during the streak.
The Orange County average price dropped eight-tenths of a cent to $4.215, one day after rising two-tenths of a cent. It is 3.1 cents more than one week ago, 56.4 cents higher than one month ago and 37.8 cents greater than one year ago. It has risen 86.6 cents since the start of the year.
Gas prices began increasing rapidly last month after Saudi Arabia oil production facilities were attacked, and the increases sharpened after three Los Angeles-area refineries slowed or halted production due to maintenance issues and no imported gasoline was available to make up for the shortfall, according to Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
Local refineries had already cut back production of summer blend gasoline in anticipation of switching to selling the winter blend beginning Nov. 1, creating even more of a shortage.
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