Average gas prices continued moving downward locally and nationally — though it may not feel like it.
The Automobile Club of Southern California reported the average cost of a gallon of regular dipped to $4.494 in Orange County, down by one-tenth of a penny over night. The average has slipped from a record of $4.598 set June 19, but soared $1.43 in the past 12 months. That’s a 47 percent increase.
Nationally, the Energy Information Administration reported the average cost of a gallon of all grades of gasoline dipped this week to $4.113, down one-tenth of a penny from a week ago, but up $1.064 from a year ago.
California’s average cost was $4.52, down 3 cents from last week, but up $1.362 from a year ago. That’s more than any other region broken out by the EIA.
The price of crude oil futures on the New York Mercantile Exchange was trading around $145 a barrel, up from its close Friday at $144.41. Crude oil accounted for 75 percent of the cost of a gallon of gas, the EIA reported in May.
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