Rancho Santa Margarita's Cheapest Gas As OC Prices Drop Slightly

RANCHO SANTA MARGARITA, CA —The Orange County average price also decreased for the 38th consecutive day, dropping 3.8 cents to $5.734, its lowest amount since April 28. It has decreased 67.4 cents over the past 38 days, including 2.8 cents Thursday. The run of dropping prices follows a 17-day streak of increases totaling 35.1 cents, according to figures from the AAA and the Oil Price Information Service.

In Rancho Santa Margarita the cheapest gas logged by crowdsourced www.GasBuddy.com was at the ARCO on Santa Margarita Parkway at $5.79 per gallon of regular unleaded. Among Orange County's highest gas prices, the Mobil station in Aliso Viejo was charging $6.59 for regular unleaded as of Friday morning.

The Orange County average price is 17.6 cents less than one week ago and 59.1 cents lower than one month ago, but $1.422 more than one year ago.

The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased Friday for the 38th consecutive day, dropping 3.2 cents to $5.841, its lowest amount since May 4.

The average price has dropped 62.1 cents over the past 38 days, including 3 cents Thursday, following an 18-day streak of increases totaling 36.9 cents that pushed prices to record highs.

The average price is 18 cents less than one week ago and 55.4 cents lower than one month ago, but $1.49 more than one year ago.

The national average price dropped for the 38th consecutive day following an 18-day streak of increases, decreasing 2.7 cents to $4.413. It has dropped 60.3 cents over the past 38 days, including 2.7 cents Thursday, after rising 41.5 cents during the 18-day streak of increases.

The national average price is 16.4 cents less than one week ago and 54.2 cents lower than one month ago, but $1.254 more than one year ago.

Global economic concerns "are pushing oil prices lower and less expensive oil leads to lower pump prices," said Andrew Gross, an AAA national public relations manager. "And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices."