LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased two-tenths of a cent today at $4.673.
The average price is six-tenths of a cent less than one week ago and 4.3 cents lower than one month ago, but $1.461 more than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped 4.3 cents since hitting the record high of $4.716 on Nov. 27.
The Orange County average price decreased one-tenth of a cent for the third consecutive day, to $4.639. It is a half-cent less than one week ago and 4.5 cents lower than one month ago, but $1.444 higher than one year ago. The Orange County average price has dropped 5 cents since moving within one-tenth of its record high Nov. 26.
The average prices have dropped from their highs for the year because of lower demand and reduced oil prices.
Despite an increase of $1.03 in the most recent trading session Thursday to $73.79, the price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has dropped 12.8% from its 52-week high of $84.65 hit on Oct. 26.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.