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LOS ANGELES (AP) -- Gasoline prices continued to hit their lowest levels in years this weekend, across the Southland. The Automobile Club of Southern California says the price drops reflect lower demand, a steady decline in crude oil prices caused by the global economic downturn, and reduced speculation by futures traders.
The average price of a gallon of self-serve, unleaded gasoline in the Los Angeles-Long Beach area fell to $2 on Sunday, for the first time since January 2005 -- dropping 1.1 cents from Saturday, and marking the 75th consecutive daily decline. That average price is 21.1 cents less than a week ago, $1.019 less than a month ago, $1.375 less than at this time last year and $2.626 less than the record high of $4.626 set on June 21st, the Oil Price Information Service reported.
The Orange County average fell 1 cent on Sunday, to $1.965, after dropping below the $2 threshhold on Saturday for the first time since January 2005. The Sunday price was 21.6 cents less than a week earlier, $1.008 less than a month earlier, $1.376 less than on the same date last year, and $2.633 less than the record high of $4.598 set on June 19th. It marked the 76th consecutive day of price declines, in the county.
The average price of a gallon of self-serve unleaded gasoline in San Diego County fell for the 76th consecutive day on Sunday, down 1.3 cents from Saturday to $1.949 -- the lowest price in the region since February 2004, and 20 cents less than just a week earlier. That figure is also $1 less than a month earlier, $1.451 less than on the same date last year, and $2.681 less than the record high of $4.63 set on June 19th.
The average cost of a gallon in the Inland Empire fell for the 76th consecutive day Sunday, dropping seven-tenths of a cent from Saturday to a price of $1.955, its lowest level since February 2004. That average price in Riverside and San Bernardino counties is 20.2 cents less than a week ago, $1.055 less than a month ago, $1.41 less than on the same date last year, and $2.659 less than the record high of $4.614 set on June 22nd.
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