Gas Prices Dip, But Are You Being Gouged?

The average price of a gallon of self-serve regular gasoline in Los Angeles County today recorded its largest daily decrease since Oct. 27, 2012, dropping 4.1 cents to $3.875.

The average price has dropped 22 consecutive days, decreasing 42.7 cents, including 3.7 cents on Thursday, according to figures from the AAA and Oil Price Information Service.

The decreases follow a seven-day stretch of increases totaling 75.7 cents that pushed the average price to its highest amount since May 4, 2014.

The average price is 22 cents less than one week ago and 5.3 cents lower than one year ago but 32.6 cents more than one month ago.

“Local wholesale prices have plunged by nearly $1.50 since July 9, but so far average retail prices have only dropped by about 40 cents, leaving a lot of room for them to drop further and faster,” said Jeffrey Spring, the Automobile Club of Southern California’s communications manager.

This week, the Santa Monica-based Consumer Watchdog accused the oil refineries of gouging California drivers while calling for new legislation to reign them in.

“We know the California experience in gasoline prices is unprecedented,” Jamie Court, president of Santa Monica-based Consumer Watchdog told the Los Angeles Times. “There has never been this type of gouging.”

Court went on to cite refineries’ high profits in the state at a time of falling oil prices as proof of gouging.

Consumer Watchdog is asking for laws that would require oil companies to disclose profits on gas refined locally, to be transparent about refinery maintenance and outages, and to keep a reserve to avoid price spikes. The group also wants to see higher penalties for gouging.

Click here for the full Los Angeles Times article.

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