The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today to its lowest amount since Feb. 14, dropping 2.8 cents to $3.897.
The average price has decreased for 37 consecutive days, including 2.6 cents on Thursday, and is 13.4 cents less than one week ago, 45.9 cents lower than one month ago and 1.1 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.
"The last time gas prices started tumbling down at this record pace was July 2008,'' said Jeffrey Spring of the Automobile Club of Southern California. "The drop is good news for July fourth travelers and may encourage even more trips than AAA's projected 5 percent increase in holiday travel compared to 2011.''
The falling prices are the result of lower crude oil prices, Spring said. The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange dropped $3.25 on Thursday to $78.20, the lowest since October.
The price has fallen from $84 earlier this week and 26 percent in less than two months because of indications of a slowdown in the global economy.
The Orange County average price also decreased today for the 37th consecutive day, falling 2.9 cents to $3.851, its lowest amount since Feb. 11.
The Orange County average price is 12.9 cents less than one week ago, 48.2 cents lower than one month ago and 2.6 cents below what it was one year ago.
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 westernstates.