The average price of regular in the L.A. area is now $4.03 a gallon. That's eight cents lower than last week and 58 cents lower than its peak in mid-June. Expect further drops, assuming a hurricane doesn't knock out production in the Gulf. Oil finished the day at under $113 a barrel. Here's the government's latest release. For what it’s worth, Merrill Lynch Vice Chairman Tom Petrie told CNBC that oil prices will reach about $80 a barrel in the coming months.