Orange County California Average Gasoline Price Drops for 51st Straight Day

Orange County’s $3.671 per gallon average self-serve regular gasoline price reflects today’s drop for the 51st straight day. However, the continuous fall may soon come to an end due to increasing current crude oil prices.

Orange County’s average gasoline price today is lower by $0.063, $0.485 and $0.093 versus last week, last month and last year, respectively. Based on the figures of the Oil Price Information Service and the AAA, gasoline prices have declined by $0.718 in the last 51 days. That includes its recent fall of $0.007.

The average gasoline price today is unseen since the 4th of January and the consecutive reductions were last recorded during the 90-day interval from Sept 16 to Dec 14 of 2008.

Jeffrey Spring of Southern California’s Automobile Club said oil prices per barrel have recently increased by $10 with the news of an agreement to maintain the stability of the economies in Europe. Consequently, the rise led to an increase in the local prices of wholesale gasoline.

Spring also said that the people are yet to observe the effect of wholesale gas on retail prices. But the current gasoline price average of around $3.70 per gallon in the majority of the areas will help drivers easily find stations selling gas within the range of $3.50 to $3.60 in most cities.

In spite of the recent 44-cent decline of West Texas Intermediate (WTI), its oil price per barrel in the NYMEX is higher by 12.3 percent compared to the lowest rate it reached in eight months last June 28, of $77.69 per barrel.

Tupper Hull of the Western States Petroleum Association said that prices for crude oil accounts for two-thirds or three-fourths of the per gallon price of gasoline. The association represents oil and gas businesses throughout the US West coast.

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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