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Average gas prices tumble

SCV residents paying under $4 per gallon

Posted: August 22, 2008 9:42 p.m.
Updated: October 24, 2008 5:03 a.m.
 

With the price of oil on the decline, local drivers have seen gas prices in the Santa Clarita Valley tumble to under $4 in the past weeks.

The average price for a gallon of regular unleaded is $3.94, a 10 cent change from last week's average of $4.04, according to a weekly gas survey conducted Thursday by Valencia Auto Spa owner Randy Cressall.

The majority of the 36 gas stations surveyed are charging less than $4 while six stations are selling gas for $4.05.

Those stations include Chevron on Sierra Highway and Newhall Avenue, Mobil on Newhall Avenue, Mobil at Bouquet Canyon Road and Urbandale Avenue, 76 at Lyons Avenue and Newhall Avenue, and both the Shell and Mobil stations located near the Lyons Avenue exit of Interstate 5.

The cheapest gas is at American Gas on Lyons Avenue and Fourl Road where a gallon of regular unleaded goes for $3.85.

The Santa Clarita Valley's average sits nearly 40 cents below the average for the Los Angeles-Long Beach area, according to the Auto Club.

The organization's Weekend Gas Watch reported Friday that the average price of self-serve regular gas is $3.97, which is 9.5 cents lower than last week, 48 cents lower than last month and $1.16 above last year's average.

"Most Southern California regions now have an average price for regular that is below $4 per gallon," Auto Club spokesman Jeffrey Spring said in a statement. "However, the international oil market continues to show volatility, so it's difficult to say which direction gasoline prices will move in the coming weeks."

The Associated Press reported Friday that oil prices dropped more than $6 a barrel to $114.59, marking the biggest one-day percentage plunge in nearly four years.

The price change was due to a rebounding dollar and a Russian troop pullback in Georgia.

The national average dipped by a penny to $3.69, according to the Auto Club, the Oil Price Information Service and Wright Express. Prices at the pump peaked at $4.11 a gallon on July 17, but have decreased as Americans have cut back on driving.

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