Business & Tech

Gas Prices Continue to Tumble for July Fourth Weekend

Prices fall nearly 50 cents since their peak in May.

Heading into the July Fourth weekend, gas prices in Southern California have hit 50 cents below their peak in early May, according to the Automobile Club of Southern California. It is the 55th time in 56 days that prices at the pump have declined.

In the Los Angeles-Long Beach area, gas is $3.817 per gallon, a 7.9-cent drop from last week and 23 cents below last month.

The average gallon price in the Inland Empire is $3.791, 7.4 cents below last week and 23 cents lower than last month.

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Prices in Orange County also saw a decreasing trend, falling eight-tenths of a cent to $3.784, which is the lowest since March 2. The average price is 7.2 cents less than last week and 24.1 cents less than a month ago.

The average price in Orange County has also fallen 48.1 cents over the past 46 days.

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“Prices came down a little more quickly this week, perhaps because of last week’s Obama administration announcement that it is releasing oil from the Strategic Petroleum Reserve,” said Auto Club spokesperson Jeffrey Spring in a press statement. “The Auto Club is predicting that 2.29 million of the 2.9 million local Independence Day travelers will go by car. That’s a 2.9 percent decrease from last year’s car travelers over this holiday and higher gas prices are probably a major reason for the downturn.”

Analysts say that the consistent drop in gas prices is because of the declining cost of crude oil.

According to Tupper Hull of the Western States Petroleum Association, crude oil accounts for two-thirds to three-quarters of the price of a gallon of gasoline.

The stations currently selling the cheapest gas in the area are listed below. Local prices are according to GasBuddy.com and reflect prices reported within the last 24 hours.


934 S Grand Ave Regular: $3.69
Premium: $3.89

ARCO
103 E Route 66Regular: $3.69Premium: $3.91


465 W Foothill BlvdRegular: $3.69Premium:$3.99
857 E Arrow HwyRegular: $3.71Premium: $3.91


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