LOS ANGELES (CNS) - The average price in Los Angeles County fell today for the 54th consecutive day, dropping four-tenths of a cent to $3.706, its lowest amount since Jan. 5. The average price is 4 cents less than one week ago, 43.6 cents lower than one month ago and 7.8 cents below what it was one year ago.
The average Los Angeles County price has decreased 70.1 cents over the past 54 days, including a half-cent on Sunday. The streak of declines is the longest since a 91-day period from Sept. 17-Dec. 16, 2008.
The average price of a gallon of self-serve regular gasoline remained unchanged in Orange County today at $3.658, bringing a 53-day streak of decreases to a close, but it fell in Los Angeles County for the 54th consecutive day.
The end of the streak in Orange County is the result of increased wholesale prices stemming from a recent increase in the cost of crude oil, according to Jeffrey Spring of the Automobile Club of Southern California.
The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange rose to $87.66 Tuesday after dropping to an eight-month low of $77.69 on June 28. The price fell 44 cents Thursday and $2.77 Friday, settling at $84.45.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
The price fell 73.1 cents in Orange County during the streak, including seven-tenths of a cent on Sunday, descending to its lowest amount since Jan. 2.
It was the longest streak since a 90-day period from Sept. 16-Dec. 14, 2008.
Despite the end of the streak, the Orange County average price is 4.5 cents less than one week ago, 44 cents lower than one month ago and 10.2 cents below what it was one year ago, according to figures from the AAA and Oil Price