Jan 18, 2008 2:24 am US/Pacific
Good News At The Gas Pump This Week
LOS ANGELES (CBS) ―
After two consecutive weekly increases, the average price of regular unleaded tumbled 6.7 cents in Los Angeles County and 9.5 cents in Orange County this week, thanks in part to abundant gasoline supplies, the Automobile Club of Southern California reported Friday.
The average price of a gallon of self-serve unleaded regular gasoline stood at $3.266 in Los Angeles County Friday morning, a half-cent more than last mont, but 69 cents more than this time last year. The average rose 3 cents from Jan. 4-11 and 8.1 cents from Dec 28.-Jan. 4 after five consecutive weeks of declines.
The Orange County average is now $3.196 -- 4.5 cents less than last month but 67.4 cents more than this time last year. The average increased 2.4 cents from Jan. 4-11 and 9.4 cents from Dec 28.-Jan. 4, also after five consecutive weeks of declines.
"Wholesale gasoline prices have dropped on news of ample supplies, not just in California but around the country," Auto Club spokesman Jeffrey Spring said.
"An additional factor behind dropping prices in California may be the fact that the state switches fuel blends in February to comply with air quality
requirements, and refineries need to sell off their inventory of 'winter blend'
fuel in the next month."
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
