Wednesday, May 18, 2011

LA gas prices drop for 12th consecutive day

The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 12th consecutive day, decreasing 1.3 cents to $4.206.

The average price is 6.5 cents less than one week ago and nine-tenths of a cent lower than one month ago, but $1.096 higher than it was a year ago, according to figures from the AAA and Oil Price Information Service.

The average price rose 43 times in 45 days before the streak of decreases began.

Analysts credit the decreases to the recent decline in the cost of crude oil. However, the trend of decreasing pump prices was threatened by a $3.62 increase in the price of a barrel of benchmark crude to $100.53 in early afternoon trading on the New York Mercantile Exchange.

Analysts said the reasons for the price increase were a surprise drop in inventory stemming from repairs to a Canadian pipeline and the declining worth of the dollar.

No comments:

Post a Comment