Southland gas prices drop; lowest amount since March

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped for the 25th consecutive day Saturday, decreasing 1.7 cents to $2.781.

That’s the cheapest it’s been since March 22, according to figures from the AAA and Oil Price Information Service. The declines began immediately after the average price rose to its highest amount since Jan. 14.

The average price is 7.6 cents less than one week ago, 19.2 cents lower than one month ago and $1.343 below what it was one year ago.

The Orange County average price Saturday also dropped to its lowest amount since March 22, decreasing 1.8 cents to $2.760.

The Orange County average price has dropped 24 consecutive days. It is 7.8 cents less than one week ago, 20.3 cents lower than one month ago and $1.339 below what it was one year ago.

Large fuel inventories are likely to add more downward price pressure, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.

“Los Angeles wholesale fuel prices have dropped by about 40 cents since July 1 to about $1.20 for regular unleaded and are now at their lowest level since February, when the average Los Angeles gas price was about $2.35 to $2.40 a gallon,” Spring said.

“Gasoline inventories are at high levels nationwide as demand is slowing down domestically and worldwide demand is also lower than last year.”

—Staff and wire reports