Gas Prices Dip as Crude Costs Drop

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped nearly two cents to $4.154 Saturday, City News Service reported.

Average gas prices are now 9.2 cents lower than last week and 6.4 cents lower than last month; however, they're still $1.068 higher than they were last year at this time, according to figures from AAA and the Oil Price Information Service.

Prices have now fallen for 15 days in a row, following a streak where prices increased 43 out of 45 days.

There are still stations in the Redondo Beach area that sell gas for prices below the county average, according to GasBuddy.com. Prices were user-reported within the past 24 hours.

• Thrifty, 4925 Torrance Blvd., Torrance
  Regular: $3.979
  Premium: $4.159
• 76, 5404 W. 190th St., Torrance
  Regular: $3.999 (cash price)

  Premium: $4.259 (cash price)
• 
  Regular: $4.099
  Premium: $4.299
• Thrifty, 16515 Hawthorne Blvd., Lawndale
  Regular: $4.109
  Premium: $4.309
• Arco, 1131 Pacific Coast Highway, Hermosa Beach
  Regular: $4.139
  Premium: $4.339

The recent decline in gas prices may be due to the decreasing cost of crude oil, according to analysts. Crude oil prices can account for up to three-quarters of the cost of a gallon of gas.

Crude oil costs have dropped about 17 percent in the past two weeks because of lessening fears of refinery and supply disruptions from flooding by the Mississippi River; the increased value of the dollar; and less conflict in oil-producing countries in the Middle East, said American Automobile Club of Southern California spokesman Jeffrey Spring.

Spring also said that prices should keep declining into Memorial Day Weekend.

City News Service contributed to this report.