Gas prices drop in LA, Orange counties for 24th day in a row

PREVIOUS COVERAGE: Gas prices continue to drop slightly in LA, Orange counties

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today for the seventh time in the last eight days following a long streak of increases that pushed it to record highs, declining four-tenths of a cent to $6.418.

LOS ANGELES - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Friday for the 24th consecutive day and 25th time in 26 days, decreasing 3.4 cents to $6.202, its lowest amount since June 1.

The average price has dropped 25.8 cents over the past 26 days, including 2.8 cents Thursday, according to figures from the AAA and the Oil Price Information Service. The run of dropping prices follows an 18-day streak of increases totaling 36.9 cents.

The average price is 10.6 cents less than one week ago and 21.2 cents lower than one month ago but $1.869 more than one year ago.

The Orange County average price also decreased for the 24th consecutive day and 25th time in 26 days, dropping 3 cents to $6.111, its lowest amount since May 28. It has decreased 29.9 cents over the past 26 days, including 2.9 cents Thursday. The run of dropping prices follows a 17-day streak of increases totaling 35.1 cents.

The Orange County average price is 11 cents less than one week ago and 27.2 cents lower than one month ago but $1.815 more than one year ago.

"Los Angeles wholesale gasoline prices have plunged by 70 cents since last Friday and by $1.40 compared to last month, largely on concerns about the economy," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager. "This downward momentum should provide at least a week or two of significant further declines in local gas prices."

The national average price dropped for the 24th consecutive day following an 18-day streak of increases, decreasing 3.1 cents to $4.721. It has dropped 29.5 cents over the past 24 days, including 2.7 cents Thursday, after rising 41.5 cents during the 18-day streak of increases.

The national average price is 12.1 cents less than one week ago and 23.4 cents less than one month ago but $1.62 more than one year ago.