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Gas Prices Continue to Creep Down

The average price has dropped 4.9 cents over the past five days.

The average price of a gallon of self-serve regular gasoline in Los Angeles County fell 1.3 cents today to $4.656, the fifth consecutive decline following a seven-day streak of increases.

The average price has dropped 4.9 cents over the past five days, including 1.6 cents on Saturday, after rising 50.4 cents over the previous seven days to a record high of $4.705, according to figures from the AAA and Oil Price Information Service.

The average price is 4 cents less than one week ago, but 49.1 cents more than one month ago and 80 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

The Orange County average price fell 1.4 cents today to $4.624, the sixth consecutive decline following a six-day streak of increases.

The Orange County average price has dropped 6.6 cents over the past six days, including 1.7 cents on Saturday, after rising 51.3 cents over the previous six days to a record high of $4.69.

The Orange County average price is 6.2 cents less than a week ago, but 48.3 cents more than one month ago and 78.7 cents higher than one year ago.

"Significant price drops" are not expected until "after gas stations are able to sell off the expensive fuel they bought" when wholesale prices skyrocketed amid concerns about the adequacy of California fuel supplies following the Oct. 1 power failure at the ExxonMobil Torrance Refinery and the closure of a Chevron pipeline that moves crude oil to Northern California, Jeffrey Spring of the Automobile Club of Southern California said.

Al Young October 15, 2012 at 03:36 PM
Big Deal! The Oil Companies made Billions of dollars in profit! They can't keep up with demand. Ha! That is alot of crap! Why are they on tight budgets or something. All of us might have trouble fixing our homes, but why would the oil companies have an excuse! Are they poor or something???
Gregory Brittain October 16, 2012 at 06:30 AM
I have a radical idea to deal with high energy prices, increase the supply.
Gregory Brittain October 16, 2012 at 07:17 AM
We should not accept $4.00 plus per gallon gas. It does not have to be this way. America has more energy in the ground than any other country. Develop American energy. That will increase supply, lower prices and create jobs. Use an all of the above with no subsidies, even for Obama bundlers.

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