Gas Prices In Dana Point Slowly Dropping, Cheaper Gas May Be On Horizon

DANA POINT, CA — The Orange County average price resumed declining after a one-day interruption, dropping two-tenths of a cent to $4.661. A run of eight decreases in nine days totaling 2.7 cents ended Monday when the average price rose one-tenth of a cent.

The run followed an 18-day streak of increases totaling 14.4 cents that boosted the average price to $4.689, one-tenth of a cent less than the record high of $4.69 set Oct. 8, 2012.

Near Dana Point and Laguna Niguel, the closest cheap gas is on Crown Valley Parkway at $4.51 per gallon, according to GasBuddy.com.

The Orange County average price is 1.8 cents less than one week ago but 11.5 cents more than one month ago and $1.533 higher than one year ago.

The average price of a gallon of self-serve regular gasoline in Los Angeles County resumed declining Tuesday after a one-day interruption, dropping three-tenths of a cent to $4.687.

An eight-day streak of decreases totaling 2.6 cents ended Monday when the average price was unchanged, according to figures from the AAA and Oil Price Information Service. The streak of decreases followed a run of 16 increases in 18 days totaling 12.5 cents that boosted the average price to a record $4.716 Nov. 27.

The average price is 2.2 cents less than one week ago but 9.6 cents more than one month ago and $1.534 higher than one year ago.

Southern California gas prices "are definitely heading down," Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager, told City News Service.

"However, after dropping strongly last week, oil and wholesale prices in California staged a bit of a rally (Monday)," Spring said. "Oil is still below $70 per barrel, and if that remains for the next week or so, then I expect that we'll see retail gas prices drop more."

The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange recorded its largest increase since Aug. 23 on Monday, rising $3.23 to $69.49. However, despite the increase, the price is 17.91% less than its 52-week high of $84.65 reached on Oct. 26.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

City News Service contributed to this report.