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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped a half-cent Saturday to $4.907, its ninth decrease in the last 11 days.
The average price is 2.4 cents less than one week ago, 4.3 cents more than one month ago, and 89.1 cents less than one year ago, according to figures from the AAA and the Oil Price Information Service. It has dropped $1.587 since rising to a record $6.494 on Oct. 5.
The Orange County average price dropped nine-tenths of a cent to $4.862, its 10th decrease in the last 11 days. The Orange County average price is 3.1 cents less than one week ago, 4.1 cents more than one month ago, and 88.6 cents less than one year ago. It has dropped $1.597 since rising to a record $6.459 on Oct. 5.
"Local refinery production is reportedly down for the last couple of weeks, but oil prices have retreated from the brief spike that happened after OPEC countries announced production cuts," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager.
"Given their current high levels near $5 a gallon in Southern California, it's unlikely that gas prices will move drastically in either direction in the near future."
The national average price dropped for the ninth consecutive day following a 23-day streak of increases, falling 1.2 cents to $3.615. The national average price is 5.9 cents less than one week ago, 15.4 cents more than one month ago, and 54.4 cents less than one year ago. It has dropped $1.401 since rising to a record $5.016 on June 14.