Gas prices dip after 8 weeks of increases

LOS ANGELES (CNS) – The average price of a gallon of self-serve regular
gasoline in Los Angeles County dipped one-tenth of a cent today to $2.90,
ending a streak of eight consecutive increases.
The average price is 5.2 cents more than one week ago and 4.3 cents
higher than one month ago, but 5.2 cents less than one year ago, according to
figures from the AAA and Oil Price Information Service.
The Orange County average price also ended a streak of eight straight
increases today, dropping half a cent to $2.885.
The average price is 4 cents more than one week ago and 5 cents higher
than one month ago, but 4.1 cents less than one year ago.
“Some Southern California refineries were reportedly purchasing
gasoline on the spot market late last week due to maintenance issues, which
prevented them from reaching production targets,” said Jeffrey Spring, the
Automobile Club of Southern California’s corporate communications manager.
“The winter grade of fuel, which is allowed to be sold in Southern
California as of Nov. 1, is cheaper for the refineries to produce. However,
refinery maintenance issues limit production and when refiners must purchase
fuel elsewhere to make up the shortfall, gas prices increase.”