Gas prices dip; oil plunges

A barrel of crude fell to its lowest level since December - $70.08 on the NY Mercantile Exchange (that's the futures contract for light, sweet crude for June delivery). Oil prices have fallen sharply over the last two weeks (lots of concern about Greece and the European financial mess), but L.A. gas prices have barely budged. The latest government survey has an average gallon of regular going for $3.134, down just 3 cents from last week. For the past eight weeks, L.A. prices have been stuck in that $3.10-$3.15 range. Typically, gas prices increase in the weeks leading up to the Memorial Day weekend, so despite the drop in oil we could be seeing stubbornly high prices for a while.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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