After soaring to a new record high, gasoline prices in Southern California are tumbling lower to an average of $4.31 for a gallon of regular.
After rocketing up to a new record high, Southern California gasoline prices are tumbling lower.
Gasoline tracking groups said the average price of a gallon of self-serve regular gasoline in Los Angeles County dropped nearly five cents, to $4.31, the largest one day decrease in two years.
The Automobile Club of Southern California and the Oil Price Information Service said the average gas price has dropped for 17 consecutive days, falling about 39 cents during that time. The drop comes after prices climbed about 50 cents to a record high of $4.70 a gallon.
The Auto Club said the average price of $4.31 is 24 cents less than it was one week ago but still 44 cents higher than a year ago.
Gasoline prices are decreasing more quickly in Orange County, with the price for a gallon of regular at $4.27. Figures from the gas tracking groups said the one day drop of five cents is the county's largest daily decrease in about two years.
Jeffrey Spring with the Auto Club of Southern California said the price declines are because the state's temporary supply issue has been corrected.