Gas Prices Continue Slight Decline

The average price of a gallon of self-serve regular gasoline in Los Angeles County fell Monday for the fifth consecutive day, dropping a half-cent to $4.363 one day after a 1.5-cent decrease.

The streak of declines totaling 4.4 cents has pushed the average price 2.3 cents below what it was one week ago, according to figures from the AAA and Oil Price Information Service. However, the average price is 14.8 cents more than one month ago and 20.9 cents higher than one year ago, mainly because of a seven-day streak of increases that totaled 17.9 cents and was blamed on record low inventories.

The Orange County average price also fell today for the fifth consecutive day, decreasing two-tenths of a cent to $4.342 one day after a 1.4-cent decrease.

The Orange County average price has fallen 4.7 cents over the past four days and is 3 cents lower than one week ago. But it is 15.6 cents more than one month ago and 21.4 cents higher than one year ago, mainly because of a seven-day streak of increases totaling 18.4 cents and blamed on the low inventories.

The falling pump prices follow a nearly 30 cents per gallon drop in the wholesale price of California-blend gasoline on the New York Mercantile Exchange early last week after maintenance was completed at refineries in Southern California and Northern California.