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A gallon of regular gas now below $3 in L.A. area

A gallon of regular gas now below $3 in L.A. area
Falling oil prices have led to declines at the pump. (Rich Pedroncelli / Associated Press)

Goodbye $3 gas, at least for now.

The average price for a gallon of regular dipped below $3 Wednesday in Los Angeles and Long Beach, according to the Auto Club.  A year ago, a gallon averaged $3.651.

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With Wednesday's $2.987 average, the L.A. area joins the rest of Southern California, which already saw average prices fall below $3.

Oil and gasoline prices have been driven lower this year by a North American shale oil boom and a sluggish global economy. The combination has increased supplies and depressed demand.

On Wednesday, the Organization of Petroleum Exporting Countries cut its forecast for global oil demand, sending the price of crude down.

The gas price plunge has put extra dollars in the pockets of drivers and could spur spending if they use those savings at stores during the holidays.

Follow me on Twitter: @khouriandrew

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