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Gas Prices Are Down, But Don't Get Your Hopes Up

Gas prices are down in SoCal right now, and while they might go up again, they won't go up as high as they did in June '08 (Photo by Jonathan Alcorn/Sundogg via LAist Featured Photos)
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Good news for folks with empty tanks: Gas prices in the Los Angeles area have been declining steadily for four weeks now, and are expected to continue to move down, according to the Automobile Club of Southern California. Prices are descending "by about half a penny a day over the past week as more and more Southland gas stations posted prices under $2 a gallon." Right now, "the average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.141 per gallon, which is 3.4 cents less than last week, 13 cents lower than last month, and $1.48 less than last year." Although the downward trend is encouraging, analysts are cautioning consumers be aware that while we aren't likely to encounter the $4-5 per gallon prices of last spring, prices could head up slightly. This week, as SoCal gas prices went down, "most of the rest of the country is experiencing slight price increases."