LOS ANGELES, Calif.–The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 11th consecutive day, dropping seven-tenths of a cent to $3.72, the lowest amount since Feb. 26.
The average price is 6.9 cents less than one week ago and 8.6 cents lower than a month ago, according to figures from the AAA and Oil Price Information Service. However, the average price is 57.2 cents higher than a year ago.
The Orange County average price also fell today for the 13th consecutive day, dropping a half-cent to $3.707, the lowest amount since Feb. 26, The Orange County average price is 6.4 cents less than one week ago and 8.1 cents lower than one month ago. However, the average price is 55.8 cents higher than a year ago.
Analysts credit the declining pump price to the lower price of crude oil.
The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange settled at $79.30 Tuesday, the lowest since Sept. 29. However, the price rose $3.59 Wednesday and $2.83 Thursday before falling 34 cents Friday, settling at $85.38.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
