Double-Digit Decreases For Gas Prices As Oil Dips Lower

Southland gas prices in many areas dropped by double digits this past week, with many average prices landing below $3.50 a gallon for the first time in three-and-a-half years, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.452 a gallon for regular today, 10.9 cents less than last week.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.478 per gallon, which is 10.9 cents less than last week,27 cents less than last month, and 30.5 cents lower than last year. In San Diego, the average price is $3.477, which is 10.2 cents less than last week, 26 cents lower than last month, and 30 cents lower than last year. On the Central Coast, the average price is $3.522, 8.5 cents less than last week, 25 cents lower than a month ago, and 31 cents less than last year. In the Inland Empire, the average per-gallon price is $3.437, down 10.6 cents from last week, 26 cents less than last month, and 30 cents less than last year.

“As the national average gas price of $3.07 has reached its lowest level since January 2011, local average gas prices have broken below the $3.50 milestone for the first time since February 2011,” said Auto Club spokesman Jeffrey Spring. “On Wednesday, Los Angeles wholesale gasoline prices reached a low point not seen since September 2010. This low level gives plenty of room for local gas prices to decrease further, hopefully even with today’s reports that Saudi Arabia has cut oil production.”

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Oct. 23, averages are: