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Gasoline prices slip below $4/gallon

Average cost at pump tumbles 10 cents in last week across SCV

Posted: August 9, 2008 7:10 p.m.
Updated: October 11, 2008 5:02 a.m.

Rebecca Gafner fills up her Honda Odyssey in Santa Clarita during late July. Her Odyssey gets 25 miles per gallon, and she spends an average of $60-$70 per week driving her two children to school and going to work.

 
Drivers in the Santa Clarita Valley have been getting a nice break over the past several weeks as gas prices in the area have continued to drop in light of a decrease in oil prices and world-wide demand.

The average price for a gallon of regular unleaded is $4.12, according to a weekly gas survey by Randy Cressall, owner of Valencia Auto Spa. This week’s average is more than a 10 cent slip from last week’s average of $4.23.

Six stations are still offering a cash-only price, the survey shows, with two of the stations charging less than $4 for a gallon of regular. The Valero station on Lyons Avenue and Chevron station at Valencia Boulevard and Cinema Drive both charge $3.99.

In addition, American Gas on Lyons Avenue and Fourl Road, which does not offer a cash price, is selling regular unleaded for $3.99, according to the survey.

The most expensive gas is at the Chevron station on Sierra Highway and San Fernando Road and Mobil station on San Fernando Road. A gallon of regular is $4.25.

The rest of Southern California has also experienced a plummet in the price of gas.

The Automobile Club of Southern California’s Weekend Gas Watch reports that Southern California gas prices have dropped by about 10 percent in the past seven weeks after the past week’s “sizeable reduction.”

“Our gas price drops over the past month have averaged more than a penny a day, but during the month before prices peaked, they were going up by over two cents a day,” said Jeffrey Spring, an Auto Club spokesman. “We’re still a long way away from the $3 price averages that we paid this time last year.”

The relief at the gas pump relates to the decrease in oil prices. On Friday, the price for a barrel of oil reached $115, driven by a jump in the U.S. dollar, along with signs of moderating fuel demand around the world, the Associated Press reported.

The average retail price for a gallon of gas dipped to $3.836 Friday, one cent down from Thursday. The price is down nearly 28 cents from the record high of $4.114 reached July 17.

“We’re probably going to see gasoline at the retail level around $3.50 for Labor Day,” James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com told the Associated Press on Friday.

The Associated Press contributed to this report.

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