Gas Prices Decline for Ninth Straight Week
The average price for for a gallon of regular unleaded self-serve gasoline dropped in Southern California for the ninth straight week, according to the Automobile Club of Southern California's Weekend Gas Watch, as supplies of gasoline continue to outstrip demand. The Weekend Gas Watch, which monitors gas prices at popular destinations for motorists in Southern California, noted a decline in average prices of between 4.4 and 5.7 cents per gallon, according to a report by Business Wire. Analysts believe that price drops may end soon as refiners and producers take steps to curb supply to meet demand. In California, production of reformulated gasoline, typically used in passenger vehicles, dropped 17.2% from last week. Refineries are closing for maintenance, to slow output nationally. OPEC ministers have agreed to reduce production to 2.3 million barrels per day, effective September 1. "If prices at the pump stay at their current levels, Californians will be paying an average of 13 cents more per gallon than they did last summer," said Carol Throrp, an Auto Club spokesperson.
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