Gas prices drop for 53rd consecutive day

LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased for the 53rd consecutive day Saturday since rising to a record, dropping 4.1 cents to $5.509, its lowest amount since March 7.

The average price has dropped 95.3 cents since rising to a record high of $6.462 on June 14, including 2.9 cents Friday, according to figures from the AAA and the Oil Price Information Service. It is 14.9 cents less than one week ago and 75.5 cents lower than one month ago, but $1.128 more than one year ago.

The Orange County average price also decreased for the 53rd consecutive day, dropping 3.7 cents to $5.40, its lowest amount since March 6.

The Orange County average price is 15.8 cents less than one week ago and 77 cents lower than one month ago, but $1.051 more than one year ago. It has dropped $1.01 since rising to a record $6.41 on June 12, including 3.7 cents Friday.

“The last time gas prices dropped so steeply in a one-month period was from October to November 2012 after the state resolved a summer-blend gasoline supply crisis by allowing stations to begin selling winter blend a few weeks early,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.

“Even though average gas prices are now well above $5 a gallon in Southern California, most metro areas now have several stations priced under $5 a gallon.”

The national average price also dropped for the 53rd consecutive day, decreasing 2.9 cents to $4.084. It has dropped 93.2 cents since rising to a record $5.016 on June 14, including 2.6 cents Friday.

The national average price is 14.8 cents less than one week ago and 69.5 cents lower than one month ago, but 89.5 cents more than one year ago.