Jul 26, 2014
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Average Gas Prices Fall to Under $4

The average price of a gallon of gas in Los Angeles County fell to its lowest amount since Feb. 10, dropping to $3.85.

Average Gas Prices Fall to Under $4

The average price of a gallon of self-serve regular gasoline in Los Angeles County fell on Sunday to its lowest amount since Feb. 10, dropping 2 cents to $3.85.   

The average price has decreased for 39 consecutive days and is 14.4 cents less than one week ago, 48.2 cents lower than one month ago and 3.2 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.

The falling pump prices are the result of lower crude oil prices stemming from lower demand caused by a slowdown in the global economy, according to Jeffrey Spring of the Automobile Club of Southern California.   

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

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