Photo: AFP
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 after changing by one-tenth of a cent or being unchanged for four consecutive days.
The average price of $4.391 is eight-tenths of a cent higher than one week ago, 3.7 cents more than one month ago and $1.185 greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen $1.159 since the start of the year.
The average price dropped one-tenth of a cent on Sunday, rose one-tenth of a cent Monday and Wednesday and was unchanged Tuesday.
The Orange County average price rose three-tenths of a cent after changing by one-tenth of a cent for four consecutive days. The average price of $4.365 is 1.5 cents higher than one week ago, 5.2 cents more than one month ago and $1.17 greater than one year ago. It has risen $1.157 since the start of the year.
The Orange County average price dropped one-tenth of a cent on Sunday and Tuesday and rose one-tenth of a cent on Monday and Wednesday.
A key reason gasoline prices are increasing more slowly is the lower price of oil. The price of a barrel of West Texas intermediate crude closed at $65.46 on the New York Mercantile Exchange on Wednesday. It closed at $73.95 July 30.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
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