The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since at least February 2020 Thursday, dropping 5.4 cents to $6.257, its eighth consecutive decrease after rising to a record.
The average price has dropped 23.7 cents over the past seven days, including 4.7 cents Wednesday, according to figures from the AAA and Oil Price Information Service.
The average price is 23.4 cents less than one week ago but 85.1 cents more than one month ago and $1.182 higher than one year ago mainly due to a 33-day streak of increases totaling $1.248.
The Orange County average price dropped 6.8 cents Thursday to $6.145. It has also dropped eight consecutive days after rising to a record, decreasing 31.4 cents, including 5.3 cents Wednesday following a run of 15 increases in 16 days totaling $1.063.
The Orange County average price is 29.1 cents less than one week ago but 77 cents more than one month ago and $1.736 higher than one year ago.
“Gas prices in California are finally cooling off, as more refineries come back online after undergoing maintenance and the switch to cheaper winter blends takes effect,” said Andrew Gross, an AAA national public relations manager.
The national average price dropped nine-tenths of a cent to $3.913. It is the second day in a row the national average price dropped. It rose for 11 consecutive days, dropped four-tenths of a cent Oct. 2 and resumed increasing Oct. 3 before dropping one-tenth of a cent on Wednesday.
The national average price is 4.6 cents more than one week ago, 20.6 cents higher than one month ago and 62.5 cents greater than one year ago.
The national average price is $1.103 less than the record $5.016 set June 14.
The run of increases follows a 98-day streak of decreases totaling $1.342 that began the day after the record was set.
“High West Coast prices have played a major role in the recent climb in the national average for gas,” Gross said. “Reversing this trend may help take some pressure off of pump prices.”