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Gas Prices Falling

 

Last updated 7/29/2015 at 11:59am

Petrol prices are finally on the decline after almost two weeks, as the largest gas price spike in Southern California since 2012 is over.

Southern California saw motorists paying upwards of $4 a gallon at the pump however, Gas prices locally have decreased by about a penny every day for the past week, according to the Automobile Club of Southern California, halting the rapid 76-cent spike caused by a "perfect storm" of supply issues.

"The February explosion at the Torrance Exxon Mobil, which caused the refinery's subsequent halt in production," according to GasBuddy petroleum expert Allison Mac "in addition to a zero-level import status disclosed by the U.S. Energy Information Administration, caused a mixture of market panic and supply limitations that sent prices skyrocketing."

Fuel imports have started to arrive, the market has begun to settle and according to the ACSC, gas prices have begun to fall.

Although prices are still more expensive than in past years, "In just two weeks, Los Angeles wholesale gasoline prices have plunged by 80 cents, which should further encourage gas stations to drop their prices significantly barring any other crisis," says ACSC spokesman Jeffrey Spring.

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