After soaring well above the rest of the nation, the average gasoline price in the Los Angeles region fell almost 25 cents below their highs of a month ago.
The average price for a gallon of regular gasoline in the L.A. area Monday stood at $3.81, according to AAA. In mid-July, AAA’s survey found the average price for the region reached a high of $4.05 a gallon.
Analysts attributed the drop to falling crude oil prices and increased production at U.S. refineries.
"Even with the extraordinary price spikes in California earlier this summer that inflated the national average, improving conditions there have brought the state average from its mid-July peak,” said Gregg Laskoski, a senior petroleum analyst with the GasBuddy price-tracking website.