The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 49th consecutive day, dropping a half-cent to $3.734, its lowest amount since Jan. 19.
The average price has decreased 67.3 cents over the past 49 days, including seven-tenths of a cent on Tuesday, according to figures from the AAA and Oil Price Information Service.
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The average price is 7.5 cents less than one week ago, 49.6 cents lower than one month ago and 6.4 cents below what it was one year ago.
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The falling pump prices are the result of a sharp drop in crude oil prices stemming from lower demand caused by a slowdown in the global economy,
according to Jeffrey Spring of the Automobile Club of Southern California.
The price of a barrel of benchmark West Texas Intermediate crude on the
New York Mercantile Exchange had fallen to an eight-month low of $77.69
Thursday. However, it has since risen 12.8 percent on speculation that the
European Central Bank will cut interest rates to spur growth and sanctions
against Iran may curb supply.
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The price rose $3.91 Tuesday to settle at $87.66.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.