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SoCal Gas Prices Lowest In Months Despite Egypt Unrest

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textalerts180 SoCal Gas Prices Lowest In Months Despite Egypt Unrest

LOS ANGELES (CBSLA.com) — Gasoline prices in Southern California are plunging to their lowest in months despite the ongoing civil unrest in Egypt.

KNX 1070’s Ron Kilgore reports the average price of a gallon of self-serve regular gasoline in Los Angeles County fell nine-tenths of a cent to $3.895.

The average price in L.A. County has decreased for 28 consecutive days and is 6.6 cents less than one week ago, 20 cents lower than one month ago and 22 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.

In Orange County, the average price dropped a half-cent to $3.862 — its lowest amount since May 3 — which is 7.5 cents less than one week ago, 21.7 cents lower than one month ago and 23.2 cents below what it was one year ago.

Supplies oil analyst Phil Flynn said the outcome would have been much different in recent years before the U.S. began producing more oil.

“If this would’ve happened in pre-2008 when the U.S. was importing a bunch of oil from the Middle East, this situation might have added 50 or 70 cents a gallon already,” Flynn said.

Flynn also credited innovative drilling techniques and fracking with significantly boosting U.S. oil production.

And for once, California drivers are no longer paying the most to fill up their tanks: supply issues in other parts of the U.S. have made prices statewide roughly equivalent to those in Connecticut, Idaho, New York and Washington, D.C., according to Jeffrey Spring of the Automobile Club of Southern California.

(©2013 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 This material may not be published, broadcast, rewritten, or redistributed.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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