- May 16th, 2011
- Jackson Parker
Gas Prices Finally Drop, Expected to Keep Decreasing
After months of consecutive price increases, gas prices have finally decreased — slightly. The national average price for a gallon of regular, unleaded gas is currently $3.955 per gallon on Monday, down from Sunday’s price of $3.961, according to the AAA Fuel Gauge Report. Many experts say the $4 per gallon mark is a tipping point, a price likely to dissuade consumers from driving, lowering demand and keeping pressure on gasoline prices.
The average price of regular gas in the Los Angeles area is currently $4.268 per gallon — 2.1 cents lower than last week, eight cents higher than last month, and $1.13 higher than last year.
Today’s drop in gas prices follows a week where crude oil prices tumbled. Oil prices continued to decline on Monday, dropping under $99 per barrel on the New York Mercantile Exchange.