LOS ANGELES (CBS) — Are gas prices finally on their way down?
The average price of a gallon of self-serve regular gas in Los Angeles County fell nine-tenths of a cent Friday to $4.259, the seventh consecutive daily decrease after rising nearly every day for 45 days.
The average price is 3.2 cents less than one week ago, but 6.6 cents more than a month ago and $1.122 greater than last year, according to AAA and Oil Price Information Service.
Orange County’s average price fell 1 cent Friday to $4.323, the seventh consecutive decrease after rising 42 times in 45 days.
“Crude oil prices took a big tumble last week and California wholesale gasoline prices are now reportedly around $3.10 per gallon,” said Jeffrey Spring of the Automobile Club of Southern California.
“The typical markup from wholesale prices is 60 to 70 cents, including taxes, fees, other costs and profits, so there’s lots of room for prices to drop substantially. However, it’s rare for gas prices to drop as quickly as they rise.”
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)