Gasoline Prices Drop For Seventh Consecutive Day

 The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased today for the seventh consecutive day, dropping 1 cent to $4.069.

The average price is 7.2 cents less than one week ago but 2.9 cents more than one month ago and 30.7 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

The cheapest gasoline price in Baldwin Park is at Arco station located at 4258 Maine Avenue, according to Mapquest.

The dropping prices follow a 15-day streak of rising prices.

The dropping pump prices follow a large decrease in wholesale gasoline prices, according to Jeffrey Spring of the Automobile Club of Southern California.

The decreases in pump prices are expected to end on Monday, when a 3.5-cent per gallon increase in the gasoline excise tax is due to go into effect. The California Board of Equalization is required to adjust the excise tax rate by March 1 each year to ensure revenue neutrality under a law that went into effect in 2010.

Sales tax revenue decreased in 2011 and 2012 because of dropping gasoline prices, resulting in the required increase in the excise tax to make up for the sales tax loss, according to Jaime Garza of the California Board of Equalization.

Gasoline sales tax revenues fund local government programs, while the state excise tax on gasoline funds highway and mass transit projects throughout California.