LOS ANGELES (CNS) – The average price of a gallon of self-serve regular
gasoline in Los Angeles County fell today for the 24th consecutive day,
decreasing a half-cent to $4.062.
The average price is 7.2 cents less than one week ago and 19.9 cents
lower than one month ago, but $1.042 higher than one year ago, according to
figures from the AAA and Oil Price Information Service.
The average price has fallen 22.9 cents since the streak began May 7,
including six-tenths of a cent on Sunday. It rose 43 times in 45 days before
the streak of decreases began.
The Orange County average price also fell today for the 24th consecutive
day, decreasing six-tenths of a cent to $4.034.
The average price is 7.2 cents less than one week ago and 20.6 cents
lower than one month ago but $1.025 higher than one year ago. It has fallen
23.1 cents during the streak, including eight-tenths of a cent on Sunday.
Before the streak of decreases began May 7 the Orange County average
price rose 42 times in 45 days.
Analysts credit the decreases to the declining cost of crude oil. The
price of a barrel of benchmark West Texas Intermediate crude on the New York
Mercantile Exchange has fallen 11.7 percent to $100.59 since reaching a two-
year high of $113.93 on April 29.
Crude oil costs account for two-thirds to three-quarters of the price of
a gallon of gasoline, according to Tupper Hull of the Western States
Petroleum Association, a trade association representing oil companies in six
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