The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Tuesday for the sixth time in seven days, decreasing 1 cent to $4.708, following a run of nine increases in 11 days totaling 7 cents.
The average price has dropped 5.2 cents over the past seven days, including a half-cent Monday, according to figures from the AAA and Oil Price Information Service. It is 13.2 cents less than one month ago but 19.8 cents more than one year ago.
The average price has dropped $1.786 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped for the sixth consecutive day, decreasing 1.8 cents to $4.606. It has decreased 5.7 cents over the past six days, including three-tenths of a cent Monday.
The Orange County average price is 5.5 cents less than one week ago and 6.5 cents lower than one month ago, but 18.5 cents more than one year ago. It has dropped $1.853 since rising to a record $6.459 set Oct. 5, 2022.
A 14-day streak of decreases totaling 5 cents to the national average price ended with an increase of one-tenth of a cent to $3.078. It is 2.6 cents less than one week ago, 8.9 cents lower than one month ago and 20.2 cents below what it was one year ago.
The national average price has decreased $1.938 since rising to a record $5.016 on June 14, 2022.
“Sluggish gasoline demand has led to the national average easing again and brings back the potential for the national average to drift under $3 per gallon for the first time since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“With a record rise in gasoline inventories last week as demand was anemic during the holidays, motorists have provided the catalyst for falling prices. If demand remains weak, gasoline prices could fall further. In addition, refinery issues in California have also eased, which will soon cause prices to decline in California, Nevada, and Arizona, providing momentum for a possible run at a $2.99 national average.
“However, the better it gets now, the more bumpy and sharp the rise could be ahead of the spring, as prices could start their rise of 35-85 cents per gallon around mid-February.”