Gas Prices Fall Over Holiday Weekend

The average price of a gallon of self-serve regular gasoline in Los Angeles County continued to decline over the Memorial Day weekend, decreasing a half-cent Monday to $4.062, City News Service reported.

The average price, which has fallen nearly 23 cents since the streak of decreases began May 7, is 7.2 cents less than it was last week and nearly 20 cents lower than it was last month; however, it's still $1.042 higher than it was last year at this time, according to the AAA and Oil Price Information Service.

Before the 24-day streak of decreases, the average price rose 43 times in 45 days.

Crude oil costs account for up to three-quarters of the cost of a gallon of gasoline, according to Western States Petroleum Association spokesman Tupper Hull. Analysts credit the decreasing cost of gas to the declining cost of crude oil.

A barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange has fallen 11.7 percent to $100.59 from its two-year high of $113.93 on April 29.

The stations currently selling the cheapest gas in the Palos Verdes area are listed below. Local prices are according to GasBuddy.com and reflect prices reported within the last 24 hours.

• Regular: $3.97
• Premium: $4.19

City News Service contributed to this report.