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Friday, May 20, 2011

Gas prices today May 20 2011 drop for 14th day in a row

Gas prices today May 20 2011 drop for 14th day in a row : The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 14th consecutive day, decreasing 1.6 cents to $4.173, one day after dropping 1.7 cents.

The average price is 8.6 cents less than one week ago and 4.4 cents lower than one month ago, but $1.075 higher than it was a year ago, according to figures from the AAA and Oil Price Information Service. The average price rose 43 times in 45 days before the streak of decreases began.

The Orange County average price also fell for the 14th consecutive day, decreasing 1.9 cents to $4.145, one day after falling 1.8 cents.

The average price is 8.7 cents less than one week ago and 5.6 cents lower than one month ago, but $1.056 higher than one year ago.

The average price rose 42 times in 45 days before the streak of decreases began.

Analysts credit the decreases to the recent decline in the cost of crude oil. The price for a barrel of benchmark West Texas Intermediate crude fell $1.66 to $98.44 in trading Thursday on the New York Mercantile Exchange.

The price of a barrel of benchmark crude has fallen 13.6 percent since April 29 when it hit a two-year high of $113.93.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states. For the latest updates PRESS CTR + D or visit Stock Market news Today

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