The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped for the sixth consecutive day Tuesday following a 35-day streak of increases, decreasing 1.1 cents to $4.935.
The average price has dropped 2.6 cents over the past six days, including one-tenth of a cent Monday, according to figures from the AAA and Oil Price Information Service. It rose 39.7 cents during the 35-day streak of increases.
The average price is 1.8 cents less than one week ago and 89.2 cents lower than one year ago but 22 cents more than one month ago. The average price has dropped $1.559 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price also dropped for the sixth consecutive day, decreasing 1.3 cents to $4.891. It has dropped 4.2 cents over the past six days, including two-tenths of a cent Monday. The streak of dropping prices follows a run of 30 increases in 35 days totaling 43.8 cents.
The Orange County average price is 3.4 cents less than one week ago and 90.8 cents lower than one year ago but 22.1 cents more than one month ago. It has dropped $1.568 since rising to a record $6.459 on Oct. 5.
The national average price dropped seven-tenths of a cent to $3.466, the second decrease in three days after a run of 10 increases in 11 days totaling 11.7 cents. It is 4.9 cents more than one week ago and 5.2 cents higher than one month ago but 85.9 cents less than one year ago.
The national average price has dropped $1.55 since rising to a record $5.016 on June 14.
“With the transition to more expensive summer gasoline underway coast to coast, wholesale gasoline prices continue to inch up at a rate typical for this time of year, reflected in the national average rising for the second straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“While oil prices edged slightly lower on weaker outlooks for economic growth, continued refinery maintenance and the higher cost of seasonal blends of fuel are offsetting oil’s decline. The best news for gasoline prices is how significant a drop we’ve seen from year-ago levels, with more disinflation to come in the weeks ahead, even as gas prices are likely to inch up.”