This morning the average price of gasoline in Southern California dropped below $4 a gallon for the first time since mid-June, and I predict that prices will drop another two to five cents by Thursday, August 8, when I do my next prediction.
The move come amid reports from OPIS, the Oil price Information Service that gasoline demand on the West Coast is at a 5-year low. At this time, local wholesale prices for gasoline continue to drop, even as oil prices rise. The biggest discounts are being seen at unbranded independent retailers, who tend to be the most competitive playes in the marketplace. Look for price cutting at the Indies first.
Charles Langley can be reached for interviews at 858-752-4600