The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest daily decrease in at least two years Thursday, falling 4.5 cents to $4.358.
The average price has dropped for 16 consecutive days, falling 34.7 cents over that span, after rising 50.4 cents over the previous seven days to a record high of $4.705, according to figures from the AAA and Oil Price Information Service.
The average price is 23 cents less than it was one week ago, but 21.2 cents more than one month ago and 48.4 cents higher than one year ago.
The Orange County average price also recorded its largest daily decrease in at least two years, falling 4.6 cents to $4.327. It has decreased for 17 consecutive days, falling 36.3 cents over that span, after rising 51.3 cents over the previous six days to a record high of $4.69.
The Orange County average price is 22.9 cents less than one week ago, but 21.1 cents more than one month ago and 47.8 cents higher than one year ago.
The dropping prices are the result of the end of "the supply crisis that originally caused the panic in early October," Marie Montgomery Nordhues of the Automobile Club of Southern California told City News Service, referring to a gasoline shortfall resulting from problems at California refineries.