The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Friday for the eighth consecutive day after a 44-day streak of increases totaling 79.7 cents that brought it within 5.4 cents of its record.
The average price dropped 1.5 cents to $6.366 Friday, according to figures from the AAA and Oil Price Information Service. It has dropped 7.3 cents over the past eight days, including 1.4 cents Thursday.
The average price is 6.6 cents less than one week ago but 44.2 cents more than one month ago and $1.642 higher than one year ago. It has increased $1.672 since the start of the joint U.S./Israel war on Iran on Feb. 28, which sent oil prices higher and drastically accelerated increases at the gas pump.
The record average price is $6.493 set Oct. 5, 2022.
The Orange County average price dropped for the eighth consecutive day after a run of 42 increases 44 days totaling 83.7 cents pushed it within 5.3 cents of its record. It dropped 1.8 cents Friday to $6.305.
The Orange County average price has decreased 10 cents over the past eight days, including 1.2 cents Thursday. It is 9.4 cents less than one week ago but 40.1 cents more than one month ago and $1.604 higher than one year ago.
The Orange County average price has increased $1.669 since the start of the war on Iran. Its record average price is $6.458 set Oct. 5, 2022.
The dropping prices are the result of Gov. Gavin Newsom’s announcement last week that cheaper winter-blend gasoline would be allowed to be sold immediately instead of on the customary Nov. 1 date.
“According to Oil Price Information Service, Los Angeles wholesale gasoline prices have plummeted in the last week after the early switch to winter blend and West Coast refiners have ramped up their production, so that could mean more significant pump price decreases in coming days,” Kandace Redd, the Automobile Club of Southern California’s senior public affairs specialist, said in a statement released Thursday.
The run of 12 decreases in 13 days to the national average price totaling 13 cents ended with an increase of 1 cent to $4.371. It dropped 10 consecutive days, rose three-tenths of a cent Tuesday and resumed decreasing Wednesday.
The national average price is 2.5 cents less than one week ago, but 14.7 cents more than one month ago and $1.261 higher than one year ago. It has increased $1.389 since the attack on Iran.