Current Gasoline Prices Drop in Southern California

Los Angeles County’s current gasoline price average per gallon of regular-grade fell by half a penny to $4.165. The drop occurred a day after declining by six-tenths of a penny.

According to the data from AAA, this is the first time that the decline happened for two consecutive days since the streak of decreases that lasted for 57 days ending on the 13th of July.

The average gasoline price today is lower by 1.3 cents compared to the past week but it is greater by 6.2 cents compared to a month ago. Moreover, it is higher by 20.4 cents versus last year.

Orange County’s current gasoline price average declined for the fourth straight day, falling seven-tenths of a penny to $4.141. That is the longest streak of declines since the end of 53 consecutive days of price drops ending July 9.

The average gasoline price today in the Orange County is lower by 1.6 cents versus a week ago. However, it is 5.3 cents higher compared to a month before and 20.5 cents more than a year ago. Beginning Tuesday of this week, it fell for three straight days by half a one-tenth of a penny, two-tenths of a penny and half of a penny.

Jeffrey Spring of Southern California’s Automobile Club said that this is the first time that prices all over the region fell slightly over the previous week since the month of July.

It is still too early to say that the price drops are indications that the usual price declines during the fall season are already starting. However, at least consumers can hope for pump prices that are the same or lower than the previous week, instead of a price rise.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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