Gas prices continue to drop
City News Service | 1/21/2016, midnight
The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today for the 14th consecutive day, decreasing 1.5 cents to $2.909.
The average price has dropped 16.6 cents over the past 14 days, including 1.1 cents on Tuesday, and is 10.3 cents less than one week ago, according to figures from the AAA and Oil Price Information Service.
However, the average price is 6.1 cents more than one month ago and 39.3 cents higher than one year ago due to a 17-day streak of increases from Dec. 18 to Jan. 3 when it rose 32.3 cents.
The Orange County average price also dropped for the 14th consecutive day, decreasing 1.7 cents to $2.888. It has dropped 18.1 cents over the past 14 days, including 1.5 cents on Tuesday, and is 11.5 cents less than one week ago.
However, the Orange County average price is 3.3 cents more than one month ago and 39.9 cents higher than one year ago due to a 17-day streak of increases, from Dec. 17 to Jan. 2, when it rose 33.5 cents.
The dropping pump prices are the result of reduced demand and the continuing low price of crude oil, said Jeffrey Spring, the Automobile Club of Southern California's 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 association representing major oil companies in five Western states.