The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Saturday to its lowest amount since May 11, 2009, decreasing 2.5 cents to $2.417.
The average price has dropped 44 of the past 45 days, decreasing 65.8 cents, including 2.9 cents on Friday, the largest daily decrease since Sept. 13, according to figures from the AAA and Oil Price Information Service.
The average price is 13.3 cents less than one week ago, 49.2 cents lower than one month ago and 51.9 cents below what it was one year ago. The average price decreased for 27 consecutive days, was unchanged Feb. 1, then resumed dropping the following day.
The Orange County average price Saturday dropped to its lowest amount since May 10, 2009, decreasing 3 cents to $2.405. The Orange County average price has also dropped 44 of the past 45 days, decreasing 66.4 cents, including 3.5 cents on Friday, the largest daily decrease since Sept. 5. It is 14.4 cents less than one week ago, 48.3 cents lower than one month ago and 52.1 cents below what it was one year ago.
The Orange County average price decreased for 24 consecutive days, rose two-tenths of a cent Jan. 31, then resumed dropping the following day.
"Los Angeles wholesale prices are at their lowest point in 14 years, when travel demand dropped after 9/11,'' said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
"Retail prices now have room to drop by at least another 30 cents a gallon. "However, there's not a lot of time for those pump price reductions to happen before gas stations begin the switch from winter blend to summer blend gasoline mandated by state air quality requirements.
Many Southern California gas stations must be selling the summer fuel blend by April 1, and prices typically rise once that begins to happen.''