Amid Backlash, Gas Prices Decline for the First Time This Year

For the first time this year, gas prices posted a decline this week.

 In Los Angeles and Orange Counties, the average cost of a gallon of gas dropped by about 2.1 to 2.3 cents this week, according to the Automobile Club of Southern California. The drop follows a week where crude oil prices tumbled, which followed a month where oil companies saw record profits and a political backlash against the price of gas that culminated in the five biggest oil companies being called into a senate hearing over a proposal to eliminate $2 billion in tax breaks to the oil companies.

As the backlash steers speculators away from oil, some analysts predict an ongoing drop in gas prices through June. However, the decline won’t happen anywhere nearly as quickly as the spike in prices seen all year. Analysts predict a price drop to an average of $3.75 per gallon by Memorial Day, and $3.50 by mid-summer.

“Crude oil prices took a big tumble last week, and California wholesale gasoline prices are now reportedly around $3.10 a gallon,” said Auto Club spokesperson Jeffrey Spring. “The typical markup from wholesale prices is 60 to 70 cents including taxes, fees, other costs and profits, so there’s lots of room for prices to drop substantially. However, it’s rare for gas prices to drop as quickly as they rise.”

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.268 per gallon, which is 2.1 cents lower than last week, eight cents higher than last month, and $1.13 higher than last year.

In Orange County, the average price of self-serve regular gasoline is $4.268 per gallon, a 2.1-cent drop from last week.

The stations currently selling the cheapest gas in the Los Alamitos, Rossmoor and Seal Beach areas are listed below. Local prices are according to GasBuddy.com and reflect prices reported within the last 24 hours.

Chevron at 4000 Lampson Ave. & Basswood Street

• Regular—$4.21
• Premium—$4.4.

76 at 13980 Seal Beach Blvd & Westminster Blvd.

• Regular—$4.29

• Premium—$4.53

Mobil at 3971 Cerritos Ave & Bloomfield St.

•  Regular—$4.19

• Premium—$4.43

76 at 5100 Katella Ave. & Siboney Street

• Regular—$4.21
• Premium—NA

Click here for more prices in the region. If you’re planning a trip, click here and plug in your travel plans to find out how much it will cost.