The average price has dropped 65.6 cents over the past 39 days, including 3.2 cents Friday, following an 18-day streak of increases totaling 36.9 cents that pushed prices to record highs, according to figures from the AAA and the Oil Price Information Service.
Global economic concerns"are pushing oil prices lower and less expensive oil leads to lower pump prices," said Andrew Gross, an AAA national public relations manager."And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices."
"Los Angeles wholesale gasoline prices have dropped by about $1.50 since their highest point in early June and are now at their lowest level since Feb. 28," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager.
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