The average price of a gallon of self-serve regular gasoline in Los Angeles County fell for the 34th consecutive day Monday, July 18, dropping 1 cent to $5.96.
The average price has dropped 50.2 cents over the past 34 days, including 1.8 cents Sunday, and is the lowest it’s been since May 13, according to figures from the AAA and the Oil Price Information Service. It is 18.8 cents less than one week ago and 47 cents lower than one month ago, but $1.608 more than one year ago.
The run of dropping prices follows an 18-day streak of increases totaling 36.9 cents that pushed prices to record highs.
“Both oil prices and Los Angeles wholesale gasoline prices have dropped significantly because of concerns about future demand,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager. “If current trends continue, local gas prices are likely to drop even more significantly.”
The national average price dropped for the 34th consecutive day following an 18-day streak of increases, decreasing 1.1 cents to $4.521. It has dropped 49.5 cents over the past 34 days, including 1.6 cents Sunday, after rising 41.5 cents during the 18-day streak of increases.
The national average price is 15.7 cents less than one week ago and 46.8 cents lower than one month ago, but $1.363 more than one year ago.