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Gas Prices Continue to Creep Down

As of yesterday, the average price fell 4.9 cents over a five-day period..

The average price of a gallon of self-serve regular gasoline in Los Angeles County fell 1.3 cents yesterday to $4.656, the fifth consecutive decline following a seven-day streak of increases.

As of yesterday, the average price dropped 4.9 cents over a five-day period, including 1.6 cents on Saturday, after rising 50.4 cents over the previous seven days to a record high of $4.705, according to figures from the AAA and Oil Price Information Service.

The average price is 4 cents less than one week ago, but 49.1 cents more than one month ago and 80 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

The Orange County average price fell 1.4 cents yesterday to $4.624, the sixth consecutive decline following a six-day streak of increases.

"Significant price drops" are not expected until "after gas stations are able to sell off the expensive fuel they bought" when wholesale prices skyrocketed amid concerns about the adequacy of California fuel supplies following the Oct. 1 power failure at the ExxonMobil Torrance Refinery and the closure of a Chevron pipeline that moves crude oil to Northern California, Jeffrey Spring of the Automobile Club of Southern California said.

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