Gas Prices on a Downward Trend
The last 12 months of gas prices for Los Angeles | Chart via LosAngelesGasPrices.com
Over the past month, the average price of gas has taken a steady decline of about 40-cents per gallon, making the Los Angeles region's average price for regular unleaded cost $4:22, according to AAA.
The big question is if this is a short-term dip or a long-term dive. Oil took a "sharp drop" today to around $121 a barrel, according to LA Biz Observed.
The big news last Thursday night was that Exxon Mobil reported an $11.68 billion profit in 2nd quarter, which is the largest reported profit by any U.S. company ever. That all equals out to $1500 a second. And be that what it may, it's not from the high prices directly at the pump, rather, from when it pulls oil from the ground and sells it around the world per barrel, according to an ABC News report on TV.
The other companies with high profits reported are Shell ($11.5 billion), BP ($9.4 billion( and Conoco ($5.4 billion). 9.6 billion less miles are driven per month these days in the country, but if gas prices continue to go down, what does that mean for the recent upsurge in public transit use and other alternative methods?