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Los Angeles County Gas Prices Increases Slow Down

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(credit: Kevork Djansezian/Getty Images)

(credit: Kevork Djansezian/Getty Images)

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LOS ANGELES (CBS) — Gas prices rose again Tuesday, but only slightly, which could mean the increases may end soon.

“The increases have definitely slowed down,” said Marie Montgomery of the Automobile Club of Southern California. “We’re going to have to see a couple a more days to be able to declare the increases are over.”

The price of a gallon of self-serve regular gasoline did rise for the 28th consecutive day, but only about two-tenths of a cent. The slowing of the price increases are thanks in part to last week’s decline in oil prices to about $106 a barrel off their peak of $113 earlier this month.

The average price of $4.217 is the highest since Aug. 4, 2008, and 3.3 cents more than a week ago, 24.4 cents above what it was one month ago and $1.121 greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

The average price is 40.9 cents less than the record high of $4.626 set on June 21, 2008.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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