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 New Year's Day, 2017, decreasing six-tenths of a cent to $2.822.
The average price is 1.7 cents less than a week ago, 21.6 cents lower than a month ago and $1.298 below what it was one year ago, according to figures from the AAA and Oil Price Information Service. It has decreased 79.3 cents since the start of the year.
A 59-day streak of decreases totaling 72.3 cents ended Thursday when the average price was unchanged. The average price then dropped four-tenths of a cent on Friday and two-tenths of a cent on Saturday and was unchanged on Sunday and Monday.
The Orange County average price dropped to its lowest amount since Dec. 28, 2016, decreasing seven-tenths of a cent to $2.77, one day after rising one-tenth of a cent.
The Orange County average price has dropped 68 of the past 70 days, decreasing 74.9 cents. It dropped for 53 consecutive days, rose one-tenth of a cent April 19, then resumed dropping the following day.
The Orange County average price is 3.8 cents less than one week ago, 24.7 cents lower than one month ago and $1.327 below what it was one year ago. It has dropped 77.5 cents since the start of the year.
“The federal Energy Information Administration noted last week that gasoline inventories dropped by a significant 3.7 million gallons the prior week, which means there is more driving and less production occurring than in prior weeks,” Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager told City News Service.
“Prices are still declining, though more slowly than in prior weeks, throughout Southern California, but if demand continues to increase and production continues to drop, we may be nearing the bottom of the price curve.”
Photo: Getty Images