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LA gas prices hit an almost 4-year low

November 5, 2014
The average price for gas is at its lowest price in almost four years. (Korea Times file)

The average price for gas is at its lowest price in almost four years. (Korea Times file)

LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today to its lowest amount since Dec. 29, 2010, decreasing 1.3 cents to $3.309.

The average price has decreased 35 consecutive days and 58 of the past 59, dropping 51.9 cents over that span, including 1.1 cents on Tuesday, according to figures from the AAA and Oil Price Information Service.

The average price is 8.4 cents less than one week ago, 39.7 cents lower than one month ago and 37.9 cents below what it was one year ago.

The Orange County average price dropped 1.9 cents today to $3.259, its lowest amount since Dec. 21, 2010. It has dropped 33 of the past 34 days and is 10.7 cents less than one week ago, 41.3 cents lower than one month ago and 39.9 cents below what it was one year ago.

“Falling oil prices are the main reason” for the dropping gasoline prices followed by “a bit of a sell-off of the summer blend of gasoline,” Marie Montgomery of the Automobile Club of Southern California told City News Service.

“The only question is whether refineries will adjust their production to tighten supply locally, which could slow or stop the price decline,” she said.