SoCal Gas Prices Plummet To Lowest Level In Nearly A Year
LOS ANGELES (CBSLA.com) — Southland drivers could enjoy the luxury of plunging gas prices well into the fall season, analysts said Monday.
KNX 1070's Ed Mertz reports some are predicting prices will drop even further after the average price of a gallon of self-serve regular gasoline in Los Angeles County dropped to $3.631 - its lowest amount since Feb. 5.
The average price of gas has dropped 35 of the past 36 days and is more than 7 cents less than one week ago, nearly 17 cents lower than one month ago and over 19 cents below what it was on this date in 2013, according to figures from the AAA and Oil Price Information Service.
"That's a penny a day, that's a pretty good pace," said the Auto Club's Marie Montgomery. "We have been seeing some dramatically lower wholesale prices in the L.A. market, and that is giving more room for our prices to drop further."
In fact, barring any major international incidents, prices could drop another 20 to 30 cents a gallon in the coming weeks, according to Montgomery.
Drivers are seeing similar decreases in Orange County, where the average price dropped six-tenths of a cent to $3.604, its lowest amount since Jan. 30.