The average price has dropped 81.5 cents over the past 23 days, including 2.9 cents Thursday, to its lowest amount since Sept. 23, according to figures from the AAA and the Oil Price Information Service.
The average price is 19.3 cents less than one week ago and 42.9 cents lower than one month ago but $1.108 more than one year ago — mainly due to a 33-day streak of increases totaling $1.248 that ended Oct. 6.
“This morning’s Los Angeles wholesale gasoline price is $1.86 below its all-time record on Sept. 27 and $1.40 below its Oct. 4 price, just before California announced it would allow early sales of winter blend gasoline and helped to end the supply crisis that caused record Southern California pump prices in September and October,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager. “Gas station price averages have dropped by 75 to 90 cents from their record levels in most areas so far, so there should still be room for additional substantial price drops as long as wholesale prices don’t significantly increase.”
A run of 15 decreases in 16 days to the national average price totaling 16.3 cents ended with an increase of one-tenth of a cent to $3.761. It is 5.9 cents less than one week ago and four-tenths of a cent lower than one month ago but 36.2 cents more than one year ago. It is $1.255 less than the record of $5.016 set June 14.