LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today to its lowest amount since Jan. 29, dropping 1.5 cents to $3.778.
The average price has decreased for 44 consecutive days and is 11.9 cents less than one week ago, 52 cents lower than one month ago and 5.2 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.
The falling pump prices are the result of lower crude oil prices stemming from lower demand caused by a slowdown in the global economy, according to Jeffrey Spring of the Automobile Club of Southern California.
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.
Fourth of July travel by Southern Californians is projected to increase 5.2 percent from 2011 and these gas price drops will put more money back into travelers' budgets,'' Spring said.
The Orange County average price also decreased today for the 44th consecutive day, falling 1.7 cents to $3.734, its lowest amount since Jan. 22.
The Orange County average price is 11.7 cents less than one week ago, 52.5 cents lower than one month ago and 7 cents below what it was one year ago.