SoCal Gas Prices Continue to Drop

Southern California - The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 37th consecutive day, decreasing four-tenths a cent to $3.963, the lowest since March 13.

The average price is 5.2 cents less than one week ago and 30.5 cents lower than one month ago but 90.5 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

The average price has fallen 32.8 cents since the streak began May 7, including eight-tenths of a cent on Saturday. It rose 43 times in 45 days before the streak of decreases began.

The Orange County average price also fell today for the 37th consecutive day, decreasing six-tenths of a cent to $3.932, the lowest since March 7.

The average price is 5.3 cents less than one week ago and 31 cents lower than one month ago but 87.3 cents higher than one year ago. It has fallen 32.9 cents during the streak, including six-tenths of a cent on Saturday.

Analysts credit the decreases to the declining cost of crude oil. The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange has fallen 12.8 percent to $99.29 since reaching a two-year high of $113.93 on April 29.

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.