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By Steven Herbert
The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped four-tenths of a cent Monday to $4.867, ending a streak of increases in five of the last six days.
The average price increased 1.6 cents over the past seven days but is 1.6 cents less than one month ago and $1.12 lower than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.627 since rising to a record $6.494 on Oct. 5.
The Orange County average gasoline price rose for the fifth time in seven days, increasing one-tenth of a cent to $4.831. It has risen 2.9 cents over the past seven days but is 5.5 cents less than one month ago and $1.107 lower than one year ago.
The Orange County average price has dropped $1.63 since rising to a record $6.459 on Oct. 5.
The national average price rose one-tenth of a cent to $3.506, its sixth consecutive increase. It has risen 7.1 cents over the past six days and 6.7 cents since one week ago, including one-tenth of a cent Sunday. It is 11.6 cents more than one month ago, 68.6 cents less than one year ago and has dropped $1.512 since rising to a record $5.016 on June 14.
Saudi Arabia will cut oil production by 500,000 barrels per day from May until the end of the year in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation, a Ministry of Energy official announced Sunday.
The move could cause increases in oil and gas prices. This voluntary cut is in addition to the reduction in production agreed to at the 33rd OPEC and non-OPEC ministerial meeting on Oct. 5 of last year.
The official emphasized the production cut “is a precautionary measure aimed at supporting the stability of the oil market.”
“I would largely expect oil prices to rise $3-$6 per barrel as the market prices this in, but again, to the motorist filling up, the initial effect will be limited to a ball park of 5-15c/gal,” tweeted Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
