Gasoline prices drop Friday in most So Cal counties

Newport Beach gasoline prices

Ed Joyce/KPCC

Gasoline prices dropped Friday, December 28, 2012 in most counties in Southern California. The average price of a gallon of self-serve regular unleaded in L.A. County was $3.58. In Riverside and San Bernardino counties the price was $3.54, in Orange County it was $3.55.

The average price of a gallon of self-serve regular gasoline Friday in Southern California has dropped in most Southland counties. In Los Angeles County, the average price is $3.58, its lowest amount since Dec. 27, 2011.

In Riverside and San Bernardino counties, the average price of a gallon of self-serve regular gasoline fell six-tenths of a cent Friday to $3.54, its lowest amount in exactly one year. The average price in the Inland Empire is 2 cents less than one week ago and 22.7 cents lower than one month ago, but three-tenths of a cent more than one year ago, according to figures from the AAA and Oil Price Information Service.

While gasoline prices are lower in most Southland counties, it is a different story in Orange County, where the average price of a gallon of self-serve regular gasoline rose one-tenth of a cent Friday to $3.55, the fourth slight increase in five days following a 75-day streak of dropping prices.

"In the past nine days, local wholesale prices have jumped by 40 cents," said Jeffrey Spring of the Automobile Club of Southern California."However, that doesn't necessarily mean prices will start going up very quickly."

Spring said there was a big price cushion for the last two months between the wholesale price and the retail price and that gap has just been closed to what would be considered a normal level.

"However, if wholesale prices continue spiking, we could see some rapid prices increases at gas stations in coming weeks," Spring said.

 

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