Gas Down 50 Cents From May Peak

Gas prices in Southern California are 50 cents below their peak in early May, according to the Automobile Club of Southern California.
It is the 55th time in 56 days that prices at the pump have declined.

Prices in Orange County have been decreasing, but not as steeply as elsewhere. Last week in Orange County the average gallon of gas fell eight-tenths of a cent to $3.784, which is the lowest since March 2. The average price is 7.2 cents less than last week and 24.1 cents less than a month ago. The average price in Orange County has fallen 48.1 cents over the past 46 days.

In the Los Angeles-Long Beach area, gas is $3.817 per gallon, a 7.9-cent drop from last week and 23 cents below last month.

“Prices came down a little more quickly this week, perhaps because of last week’s Obama administration announcement that it is releasing oil from the Strategic Petroleum Reserve,” said Auto Club spokesperson Jeffrey Spring in a press statement.

Analysts say that the consistent drop in gas prices is because of the declining cost of crude oil.

According to Tupper Hull of the Western States Petroleum Association, crude oil accounts for two-thirds to three-quarters of the price of a gallon of gasoline.

Find the least expensive places to fuel up in Newport Beach here.