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Gas Charts Largest Daily Price Drop in 2 Years

The average price of self-serve regular has decreased for 10 consecutive days,

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 Friday, falling 3.2 cents to $4.556.

The average price has dropped for 10 consecutive days, falling 14.9 cents during that span, according to figures from the AAA and Oil Price Information Service.

Before the downward trend began, the price rose 50.4 cents over seven consecutive days to a record high of $4.705.

The average price is 12.9 cents less than one week ago, but 40.1 cents more than one month ago and 66.7 cents higher than one year ago.

The Orange County also recorded its largest daily decrease in at least two years today, falling 3.2 cents to $4.524.

The Orange County average price has dropped for 11 consecutive days, falling 16.6 cents during 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 13.1 cents less than one week ago, but 40.6 cents more than one month ago and 65.5 cents higher than one year ago.

"Oil industry analysts reported significant drops in the wholesale market on Wednesday which, if they hold, should bring prices well below $4 a gallon in Southern California," Jeffrey Spring of the Automobile Club of Southern California said.

"The only question is how quickly that will happen."

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Richard Mathews October 20, 2012 at 07:10 PM
Why is it that Los Angeles gas prices were so quick to go up and so slow to come down? http://www.losangelesgasprices.com/retail_price_chart.aspx The refinery problem that triggered the jump in prices was fixed long ago. And we have approved using cheaper and more plentiful winter-blend gasoline, so there is no reason for the price to still be so high. Sure, gas stations now want to sell off the fuel they bought at high prices before lowering theirs, but the same should have worked when prices rose. If it really takes this long to move inventory, they could have continued selling their inventory at the start of the crisis at a low price until it was sold off. Maybe the shortage justified the price spike, though it had more of a feel of the wholesale gasoline equivalent of a run on the banks; but at this point it looks like simple gauging.

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