LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped eight-tenths of a cent today to $4.247, the third consecutive decrease following a 21-day streak of increases that pushed it to its highest amount since July 21, 2015.
The average price is nine-tenths of a cent higher than one week ago, 57 cents more than one month ago and 36.5 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen 85.6 cents since the start of the year.
The average price rose 58.6 cents during the streak. It dropped nine- tenths of a cent on Tuesday.
The Orange County average price dropped one-tenth of a cent to $4.214, one day after dropping eight-tenths of a cent. It is a half-cent more than one week ago, 57 cents higher than one month ago and 37.8 cents greater than one year ago. It has risen 86.5 cents since the start of the year.
The dropping prices are the result of a sharp decline in Los Angeles wholesale prices that started last week after some refiners started selling off excess gasoline supply on the wholesale market and the local refineries that had unplanned maintenance in September are reportedly back up and running, according to Marie Montgomery, a public relations specialist with the Automobile Club of Southern California.
The high prices “are predictably attracting shipments of imported gasoline and substances used to make gasoline,” relieving the shortage, Montgomery told City News Service.
“We expect retail gasoline prices should begin dropping more rapidly soon,” Montgomery said.
Photo: Getty Images