Big drop in gas prices

We'll see how long this lasts, but for now an average gallon of regular in the L.A. area is $3.743, according to the government's survey, down eight cents from last week - and reflecting the plunge in the price of oil. Crude was trading today at around $87 a barrel, which is actually up from last week. From the LAT:

Gasoline prices could rise a bit near the approaching Labor Day weekend as families plan their last summer driving excursions. But on Sept. 15, California refineries begin the nation's earliest switchover from their more expensive summer blends to a cheaper winter formulation, which should keep the downward pressure on prices, said fuel price analyst Bob van der Valk.