The run of decreases to the average price of a gallon of self-serve regular gasoline in Los Angeles County was extended Monday to 41 in 42 days, but barely with a drop of one-tenth of a cent to $5.394, its lowest amount since March 11.
The average price has dropped 77.2 cents over the past 42 days, including two-tenths of a cent Sunday, according to figures from the AAA and Oil Price Information Service. Despite the decreases, the average price is 70 cents higher than before the joint U.S./Israel attack on Iran on Feb. 28 that sent oil prices higher and drastically accelerated increases at the gas pump.
The average price is 6.5 cents less than one week ago and 53.2 cents lower than one month ago, but 83.6 cents more than one year ago.
The Orange County average price recorded its largest increase since May 6, rising seven-tenths of a cent to $5.273 after dropping 47 of the previous 49 days, decreasing 91 cents. It is 6.3 cents less than one week ago and 53.5 cents less than one month ago, but 77.4 cents more than one year ago and 63.7 cents higher since the attack on Iran.
The national average price dropped for the 44th time in 46 days, falling seven-tenths of a cent to $3.797, its lowest amount since March 17. It has decreased 76.7 cents over the past 46 days, including six-tenths of a cent Sunday.
The national average price is 6.3 cents less than one week ago and 39.4 cents lower than one month ago, but 65.1 cents more than one year ago and 81.5 cents higher since the attack on Iran.
“Continued Ukrainian attacks on Russian refinery infrastructure have forced Russia to shift from fuel exporter to importer, tightening global supplies and putting upward pressure on crack spreads –explaining why pump prices haven’t fallen as sharply as oil prices might suggest,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, said in a statement released.
“Until the refining supply picture improves, significant further drops at the pump may be limited.”