Is There An End In Sight For Gas Price Increases?

Los Angeles - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the 28th consecutive day but only slightly, which could be an indication that the increases may end soon, an Auto Club spokeswoman said.

"The increases have definitely slowed down," said Marie Montgomery of the Automobile Club of Southern California. "We're going to have to see a couple a more days to be able to declare the increases are over."

Montgomery attributes the slowing of the increases -- today was the second consecutive daily uptick of two-tenths of a cent -- to last week's decline in oil prices to about $106 a barrel off their peak of $113 earlier this month.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

The average price of $4.217 is the highest since Aug. 4, 2008, and 3.3 cents more than a week ago, 24.4 cents above what it was one month ago and $1.121 greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

The average price is 40.9 cents less than the record high of $4.626 set on June 21, 2008.

A 27-day streak of increases to the Orange County average price ended today. The price was unchanged at $4.20, which is 3 cents more than a week ago, 24.3 cents higher than one month ago and $1.107 above what it was one year ago.