LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today for the 25th consecutive day and 26th time in 27 days, decreasing 2.7 cents to $6.175.
The average price has dropped 28.5 cents over the past 27 days, including 3.4 cents Friday, according to figures from the AAA and the Oil Price Information Service. The run of dropping prices follows an 18-day streak of increases totaling 36.9 cents.
The average price is 12.2 cents less than one week ago and 24.9 cents lower than one month ago, but $1.842 more than one year ago.
The Orange County average price also decreased for the 25th consecutive day and 26th time in 27 days, dropping 3.1 cents to $6.108. It has decreased 33 cents over the past 27 days, including 3 cents Friday. The run of dropping prices follows a 17-day streak of increases totaling 35.1 cents.
The Orange County average price is 12.4 cents less than one week ago and 30.9 cents lower than one month ago, but $1.787 more than one year ago.
"Los Angeles wholesale gasoline prices have plunged by 70 cents since last Friday and by $1.40 compared to last month, largely on concerns about the economy,'' said Doug Shupe, the Automobile Club of Southern California's corporate communications manager. "This downward momentum should provide at least a week or two of significant further declines in local gas prices.''
The national average price dropped for the 25th consecutive day following an 18-day streak of increases, decreasing 2.5 cents to $4.696. It has dropped 32 cents over the past 25 days, including 3.1 cents Friday, after rising 41.5 cents during the 18-day streak of increases.
The national average price is 12.6 cents less than one week ago and 27.4 cents less than one month ago, but $1.553 more than one year ago.