Southland Gasoline Prices Drop Sharply

The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest daily decrease since July 19 Friday, dropping 1.3 cents to $3.665, its lowest amount since Feb. 7.

The average price has decreased 32 of the past 33 days and is 4.5 cents less than one week ago, 15.6 cents lower than one month ago and 17.7 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.

The Orange County average price dropped 1.3 cents to $3.63, its lowest amount since Feb. 6. It is 5 cents less than one week ago, 15.9 cents lower than one month ago and 17.2 cents below what it was one year ago.

“Los Angeles wholesale gasoline prices dropped to their lowest level of 2014 on Wednesday, 20 to 30 cents below where they have been hovering since July,” said Jeffrey Spring of the Automobile Club of Southern California.

“On Nov. 1, local gas stations will begin selling the ‘winter blend’ of gasoline, which is cheaper to produce than the current summer blend. That factor, along with the lower current wholesale prices, gives us some optimism for more gas price drops, providing no supply glitches occur at California refineries.”

—City News Service