Drivers in Orange County and Los Angeles County saw some relief this week as the average price of gas dropped for the seventh time in eight days Monday.
But people were still feeling the burden of the higher prices at the pump. The average price of a gallon of self-serve regular gasoline in Los Angeles County was $6.418.
The decreases stem from"a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week" caused by"a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA, which is likely due to record high prices," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager, referring to the U.S. Energy Information Administration.
The Orange County price also dropped for the seventh time in eight days, falling 1.2 cents to $6.348. The Orange County average price is $2.134 higher than one year ago. Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
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