The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since March 12 Tuesday, dropping a half-cent to $5.382, its third decrease in four days.
The average price has dropped 1.1 cents over the past four days, decreasing four-tenths of a cent Saturday and three-tenths of a cent Sunday but rising one-tenth of a cent Monday, according to figures from the AAA and Oil Price Information Service.
The average price is 1.2 cents less than one week ago but 35.5 cents more than one month ago and 45.7 cents higher than one year ago. It has dropped $1.112 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price recorded its largest decrease since Jan. 24, dropping 1.4 cents to $5.31. It has decreased six consecutive days, dropping 3.9 cents, including two-tenths of a cent Monday.
The Orange County average price is 3.6 cents less than one week ago but 32.7 cents more than one month ago and 41.9 cents higher than one year ago. It has dropped $1.149 since rising to a record $6.459 on Oct. 5, 2022.
The national average price dropped for the third time in four days following a run of 15 increases in 17 days totaling 14.4 cents, decreasing eight-tenths of a cent to $3.667. It is 2.3 cents more than one week ago and 13.3 cents higher than one month ago but two-tenths of a cent less than one year ago.
The national average price has dropped $1.349 since rising to a record $5.016 on June 14, 2022.
“As the nationwide changeover to summer gasoline is now behind us, at least one of the three factors that had been actively causing prices to rise in the last couple of months is behind us,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“However, it may take time for the largest pain point to be over: refinery maintenance. While Israel’s retribution on Iran was somewhat surprising, it was also measured, with Iran virtually not even mentioning it publicly. As such, the price of oil has moved slightly lower, following the de-escalation that now appears to be taking place.
“I’m hopeful with reduced concern in the Middle East and an end to the seasonal factors pushing prices up that Americans will soon see relief.”