LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today for the eighth consecutive day after hitting a record high, decreasing three-tenths of a cent to $4.69.
The average price has dropped 2.6 cents over the past eight days, including three-tenths of a cent Saturday, according to figures from the AAA and Oil Price Information Service. The streak of decreases follows a run of 16 increases in 18 days totaling 12.5 cents that boosted the average price to a record $4.716 Nov. 27.
The average price is 2.3 cents less than one week ago but 10 cents more than one month ago and $1.538 higher than one year ago.
The Orange County average price dropped for the eighth time in nine days since moving within one-tenth of a cent of matching its record high, dropping three-tenths of a cent to $4.662. It has dropped 2.7 cents over the past nine days, including one-tenth of cent Saturday.
The Orange County average price is 1.9 cents less than one week ago but 11.8 cents more than one month ago and $1.534 greater than one year ago.
The dropping pump prices are the result of a significant drop in the price of crude oil and ``because this is traditionally the time of year with the lowest demand,'' said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has dropped 21.72% from its 52-week high of $84.65 hit Oct. 26, 2021, to $66.26 Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.