Gasoline Prices in California Posted a Consecutive Drop

For the 32nd straight day, the average gasoline price of regular gas in the County of Los Angeles dropped by $0.003 to reach its lowest price of $4.191 since the 23rd of February.

According to the Oil Price Information Service and AAA, the average gasoline price is generally lower by 3.1 cents compared to last week, 17.3 cents below its rate during the last month and 4.4 cents less than last year.

Over the last 32 days, the average gasoline price has declined which includes a recent fall of $0.004. The consecutive drop in gasoline prices hasn’t been seen since the 42 straight days of decrease ending December 23rd.

The average of price of gasoline in the Orange County also declined for 32 straight days. It also posted $0.004 drop to reach $4.159 per gallon. That is the lowest level since the 22nd of February.

The central reason behind these continuous drops in pump prices stem from the fact that current crude oil prices have been holding steady, or dropped slightly, as tensions with Iran scale back and weak economic data from the developed countries starts to show up.

The average gasoline price in the Orange County is lower by 3.3 cents versus last week, 18.4 cents below its cost compared to the previous month and 5.8 cents less than last year. In the last 32 days, it has posted a decline of 18.6 cents which includes a recent fall of $0.006.

Marie Montgomery of Southern California’s Automobile Club said that the decrease in gasoline prices is caused by a steep reduction in the wholesale cost of gasoline.

Jeffrey Spring of Southern California’s Automobile Club said that they are seeing additional stations with gasoline prices below $4 per gallon. These include Costa Mesa, East Los Angeles, San Bernardino, Esconino and Palm Springs. Spring added that the range of gasoline prices right now is wide as it can cost more than $4.30 or below $4 that is why it is essential to shop around when looking forĀ  lower gas prices.

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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