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.
After a month where oil companies saw record profits, there has been a heap of political backlash. Consequently the five biggest oil companies have been 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 experts are predicting an ongoing decline in gas prices through June.
For drivers and many businesses, that’s the “good” news. The “bad” news is that gas prices typically don’t come down as quickly as they go up. Analysts predict a price drop to an average of $3.75 per gallon by Memorial Day, and $3.50 by mid-summer.
High gas prices can have a huge impact on your bottom line. A telematics-based GPS fleet tracking system can help you to immediately reduce your fuel expenses and become more efficient in delivering your product or service.