Declining Gas Prices Expected to Continue

Gas prices continued to drop last week, and there is reason to believe that they haven’t yet hit bottom.

While it was the seventh straight week of price declines, the declined slowed, which seemed to fit with expert predictions that the prices would plateau soon. However, oil prices tumbled, giving commuters hope for ongoing price breaks.

“Prices have been declining more slowly in recent days,” said Auto Club spokesperson Jeffrey Spring in a statement on Thursday. “However, oil prices took a tumble today to just below $92 per barrel after news about the economy and an announced release of oil from the Strategic Petroleum Reserve. If the lower oil price holds, we may see additional declines at the pump.”

According to the Automobile Club of Southern California’s Weekend Gas Watch, the average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.896 per gallon, which is 4.5 cents lower than last week, 29 cents lower than last month, and 89 cents higher than last year.

In the Inland Empire, the average per gallon price is $3.865, which is 4.1 cents lower than last week, 23 cents lower than last month, and 78 cents more than last year.

Here in Sierra Madre, prices are currently just near the local average, with the station chargin 3.87 per gallon of self-serve regular and the Alliance station down the street charging two cents less per gallon.