The average price of a gallon of self-serve regular gasoline in Los Angeles County fell eight-tenths of a cent Monday to $4.648, the sixth consecutive decline following a seven-day streak of increases.
The average price has dropped 5.7 cents over the past six days, including 1.3 cents on Sunday. Before the downward trend began, the price rose 50.4 cents over the previous seven days to a record high of $4.705, according to figures from the AAA and Oil Price Information Service.
The average price is 5.5 cents less than one week ago, but 30.7 cents more than one month ago and 78.5 cents higher than one year ago.
"Significant price drops" are not expected until "after gas stations are able to sell off the expensive fuel they bought" when wholesale prices skyrocketed amid concerns about the adequacy of California fuel supplies following the Oct. 1 power failure at the ExxonMobil Torrance Refinery and the closure of a Chevron pipeline that moves crude oil to Northern California, Jeffrey Spring of the Automobile Club of Southern California said.
