The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Friday for the 65th consecutive day, decreasing 1.6 cents to $3.054, its lowest amount since Oct. 10, 2010.
The average price has decreased 66.1 cents during the streak, including 1.4 cents on Thursday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 91-day streak from Sept. 17-Dec. 16, 2008,
The average price is 4.8 cents less than one week ago, 25.5 cents lower than one month ago and 58 cents below what it was one year ago.
The 1.6-cent decrease is the largest single-day drop since a 1.6-cent decrease on Nov. 6.
The Orange County average price dropped 1.7 cents Friday to $3.01, its lowest amount since Oct. 7, 2010.
The Orange County average price has decreased 32 of the past 33 days and is 4.8 cents less than one week ago, 24.9 cents lower than one month ago and 60.2 cents below what it was one year ago.
The 1.7-cent decrease is the largest single-day drop since a 1.9-cent decrease on Nov. 6.
The dropping gas prices are the result of sufficient gasoline supplies and lower crude oil prices, according to Jeffrey Spring of the Automobile Club of Southern California.
“OPEC actions to continue oil production at current levels has pushed crude oil prices below $70 a barrel, providing even more downward pressure for gas prices,” Spring said.
“Here in Southern California, local refineries seem to be operating at full capacity. With average prices in San Diego, the Inland Empire and Orange County within pennies of $3 a gallon, we expect those average prices to drop below $3 in the next week.”
The average price is under $3 in 12 regions in California. The lowest average price of a gallon of self-serve regular gasoline is $2.81 in Yuba City.
—City News Service