Customers pump gas at an Arco station on July 2 in Los Angeles. Prices in Southern… (Kevork Djansezian / Getty…)
Gasoline prices in the Southland have fallen to their lowest levels since Jan. 10, according to the Automobile Club of Southern California's Weekend Gas Watch. The price drop continues a trend that began after crude oil prices plunged by more than $25 a barrel in recent weeks.
But an Auto Club spokesman warned that costs at the pump will be affected by a recent resurgence in crude oil prices, which are back above $87 a barrel after falling below $80 a barrel last week.
“The price of oil has jumped by nearly $10 a barrel in recent days on news of a deal to help keep European economies stable," said Auto Club spokesman Jeffrey Spring. "That has also increased wholesale gasoline prices locally. We’ll see in the next few days how that affects retail prices."
The Auto Club uses prices collected by the Oil Price Information Service and by Wright Express, using daily retail receipts from more than 100,000 service stations around the U.S.
The average price of a gallon of regular gasoline Los Angeles-Long Beach area is $3.729 per gallon, which is 6.4 cents lower than last week, 48.4 cents lower than last month, and 6.6 cents lower than last year, the Auto Club report said.
In the Los Angeles and Long Beach area, the lowest price found was $3.45 a gallon at the Arco station at Downey and Flower in Paramount, according to the fuel price watch service GasBuddy.com.
In Orange County, the average price for a gallon of regular is $3.751, down 7.3 cents from last week, down 49 cents since last month, and down 9.1 cents since last year, the Auto Club said.
It could be found for $3.44 a gallon at the Costco on S. Harbor near Knapp, in Fullerton, according to GasBuddy.com.
In the Inland Empire region of Riverside and San Bernardino counties, the average price is $3.767 a gallon, a decline of 6.7 cents since last week, a drop of 48.8 cents since last week and of 7.3 cents since last year.
A gallon of regular there could be found for as low as $3.43 a gallon at the Food 4 Less on Grapefruit, near Ave. 48, in Coachella, according to GasBuddy.com.
In Ventura County, the average price is $3.794 a gallon, down 6.9 cents since last week, down 48.4 cents since last month and down 7.4 cents since last year, the Auto Club said.
The cheapest gas there was $3.53 at the NEX Autoport at 23rd and Dodson in Port Hueneme, according to GasBuddy.com.
"For now, with an average of about $3.70 a gallon in most areas, drivers should easily be able to find gas stations in the $3.50 to $3.60 range in many cities," said Spring.