Just in time for the summer vacation travel season, gas prices continued to be reduced Sunday – this time with the sharpest daily increase in almost three years.
The average price of a gallon of self-serve regular
gasoline in Los Angeles County dropped Sunday for the 17th consecutive day,
decreasing 2.6 cents to $4.031.
The average price has dropped 27.1 cents over the past 17 days,
including 3.8 cents on Saturday, the largest daily decrease since Oct. 27,
2012, according to figures from the AAA and Oil Price Information Service.
The decreases follow a seven-day stretch of increases totaling 75.7
cents that pushed the average price to its highest amount since May 4, 2014.
The average price is 13.6 cents less than one week ago but 47.8 cents
more than one month ago and 6.1 cents higher than one year ago.
The Orange County average price also dropped for the 17th consecutive
day, decreasing 2.4 cents to $4.004. It has dropped 27.1 cents over the past 17
days, including 4.2 cents on Saturday, its largest daily decrease since Oct.
27, 2012.
The Orange County average price has also dropped for 16 consecutive
days, decreasing 24.7 cents, including 2.9 cents on Friday.
The decreases follow a seven-day stretch of increases totaling 77.8
cents that pushed the average price to its highest amount since May 6, 2014.
The Orange County average price is 13.9 cents less than one week ago but
51.3 cents more than one month ago and 6.7 cents higher than one year ago.
The dropping pump prices are the result of a sharp decrease in the price
of crude oil, according to Jeffrey Spring, the Automobile Club of Southern
California’s corporate communications manager.
The price of crude oil accounts for two-thirds to three-quarters of the
price of a gallon of gasoline, according to Tupper Hull, vice president,
strategic communications of the Western States Petroleum Association, a trade
organization representing major oil companies in six Western states.
—City News Service