Southland gasoline prices drop to low for year

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday to its lowest amount since Nov. 27, decreasing 1.4 cents to $3.604.

The average price has decreased 14 consecutive days and 37 of the past 38, dropping 22.4 cents over that span, including 1.3 cents on Tuesday, according to figures from the AAA and Oil Price Information Service.

The average price is 8.5 cents less than one week ago, 18.5 cents lower than one month ago and 21.4 cents below what it was one year ago.

The Orange County average price also dropped to its lowest amount since Nov. 27, decreasing 1.3 cents to $3.58. It is 7.6 cents less than one week ago, 17.4 cents lower than one month ago and 19.6 cents below what it was one year ago.

The falling pump prices are the mainly the result of dropping wholesale prices, which are caused in part by the Nov. 1 shift to winter blend gasoline, which is forcing refineries to sell their remaining supply of summer blend gasoline, according to Marie Montgomery of the Automobile Club of Southern California.

Expected lower demand is also pushing wholesale prices down, Montgomery said. Oil prices dropping to a four-year low is another factor, she said.

—City News Service