The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 57th consecutive day, dropping seven-tenths of a cent to $3.692, its lowest amount since Jan. 4.
The average price is 3.7 cents less than one week ago, 41.2 cents lower than one month ago and 10.4 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price has decreased 71.5 cents over the past 57 days, including three-tenths of a cent on Wednesday. The streak of declines is the longest since a 91-day span from Sept. 17-Dec. 16, 2008.
The dropping pump prices are the result of lower crude oil prices, stemming from reduced demand caused by a slowdown in the global economy, according to Jeffrey Spring of the Automobile Club of Southern California.
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.