LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped four-tenths of a cent today to $4.686 after rising three-tenths of a cent over the previous two days.
The average price is 1 cent less than one week ago but 8.8 cents more than one month ago and $1.534 higher than one year ago, according to figures from the AAA and Oil Price Information Service.
The Orange County average price dropped one-tenth of a cent to $4.663, one day after decreasing two-tenths of a cent. It is three-tenths of a cent less than one week ago but 10.7 cents more than one month ago and $1.535 higher than one year ago.
“Lower oil prices are continuing to bring down prices at the pump, but the decreases through the end of the year will likely not prevent 2021 from being the most expensive gas price year ever for Southern California drivers,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
The year-to-date average price in Los Angeles County is $4.15.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange dropped $1.42 to $70.94 Thursday. It has dropped 16.2% from its 52-week high of $84.65 hit on Oct. 26.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.