California gasoline prices dip slightly after record rise

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Gasoline prices in Southern California are dropping slowly since hitting a record high in early October.

The average price of a gallon of self-serve regular gasoline in Los Angeles County is hovering near $4.65.

The Automobile Club of Southern California says since the record high of $4.70 was set, the average price has dropped about 5 cents in the last week.

Most oil industry analysts don’t expect prices to drop significantly until gas stations sell the higher priced fuel they bought when wholesale prices skyrocketed.

Experts say prices rose due to a power failure at the ExxonMobil Torrance Refinery and the closure of a Chevron pipeline in Northern California.

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