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Gas Prices Hit Lowest Point In LA, OC Since May

LOS ANGELES ( — Gasoline has fallen to its lowest price in three months, with a gallon of self-serve regular now averaging $3.961 in L.A.

Officials say it's the lowest average at the pump since May 8.

Prices have dropped an average of 15.9 cents over the last 21 days, according to figures from the AAA and Oil Price Information Service.

City News Service reports the average price remains a half-cent more than this time last year.

In Orange County, a gallon of self-serve regular is now averaging $3.937 after a steady decline over the last 20 days.

The amount, seven-tenths of a cent below prices in OC this time last year, is also at its lowest point since May 8.

Experts credit the low to recent a drop in local wholesale prices.

(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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