LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 49th consecutive day, dropping a half-cent to $3.734, its lowest amount since Jan. 19.
The average price has decreased 67.3 cents over the past 49 days, including seven-tenths of a cent on Tuesday, according to figures from the AAA
and Oil Price Information Service.
The average price is 7.5 cents less than one week ago, 49.6 cents lower
than one month ago and 6.4 cents below what it was one year ago.
The Orange County average price also decreased today for the 49th consecutive day, falling eight-tenths of a cent to $3.684, its lowest amount since Jan. 4
The Orange County average price is 8.2 cents less than one week ago, 49.9 cents lower than one month ago and 8.6 cents below what it was one year ago. It has fallen 70.5 cents over the past 49 days, including 1.1 cents on Tuesday.
The falling pump prices are the result of a sharp drop in 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.
The price of a barrel of benchmark West Texas Intermediate crude on the
New York Mercantile Exchange had fallen to an eight-month low of $77.69
Thursday. However, it has since risen 12.8 percent on speculation that the
European Central Bank will cut interest rates to spur growth and sanctions
against Iran may curb supply.
The price rose $3.91 Tuesday to settle at $87.66.
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.