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AAA: LA Gas Prices Decreasing, More Cuts Expected

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DOWNEY (AP/CBSLA.com) — The average U.S. price of a gallon of gasoline has dropped six cents over the past two weeks. It’s the first decrease in gas prices since late December.

The Lundberg Survey of fuel prices released Sunday says the price of a gallon of regular is $3.74. Midgrade costs an average of $3.91 a gallon, and premium is $4.04.

Diesel was down four cents to $4.13 gallon.

Of the cities surveyed in the lower 48 states, Billings, Mont., has the nation’s lowest average price for gas at $3.31.

The average price for a gallon in the Los Angeles-Long Beach area is $4.25, the highest in the nation, according to AAA.

In California, the lowest average price was $4.02 in Sacramento. The average statewide for a gallon of regular was $4.15, down three cents.

Despite the drop, drivers still say they are paying too much.

“I think it’s still outrageous. It’s a lot of money,” Walter Ramirez said.

Analysts say the drop is due to price cuts in crude oil which are finally being passed on from the retailer to the consumer.

Experts predict prices will drop another 10 cents over the next few weeks.

(TM and © Copyright 2013 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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