LOS ANGELES (CBS) — Gas prices have dipped slightly after a 27-day rising streak. The average cost for a gallon of regular, unleaded self-serve gasoline dropped one-fifth of a cent Monday.
AAA says the national average for a gallon of regular, unleaded self-serve gasoline is now $3.77, which is up seven cents from a week ago, and 29 cents from one month ago.
Here in the Southland, the average price is $4.38 a gallon, which is up 57 cents in less than a month.
Analysts say we’re seeing some of the biggest short-term increases ever due to due to escalating tensions with Iran over its nuclear program, as well as the closings of several California refineries for maintenance.
Speculators have also driven prices up, but they are expected to even out, as motorists simply cannot support the increases.
In fact, USA Today reports that during February, consumption fell to its lowest level since April of 1997.