The average price of a gallon of self-serve regular gasoline in Los Angeles County resumed dropping Tuesday, decreasing 1.1 cents to $5.305, one day after a nine-day streak of decreases totaling 5.6 cents ended when it was unchanged.
The average price is 5.3 cents less than one week ago and 1.6 cents lower than one month ago but 44.1 cents more than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.189 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped for the 12th consecutive day and 19th time in 20 days, decreasing 1.4 cents to $5.213. It has dropped 13.6 cents over the past 20 days, including six-tenths of a cent Monday.
The Orange County average price is 6.8 cents less than one week ago and 8.4 cents lower than one month ago, but 40.6 cents more than one year ago. It has dropped $1.246 since rising to a record $6.459 on Oct. 5, 2022.
The national average price dropped for the fifth consecutive day, decreasing 1.1 cent to $3.64. It has dropped 3.1 cents over the past five days, including two-tenths of a cent Monday, after back-to-back increases totaling 1.4 cents.
The national average price is 1.7 cents less than one week ago, but 4.7 cents more than one month ago and 10 cents higher than one year ago. It has dropped $1.376 since rising to a record $5.016 on June 14, 2022.
“We’ve seen the national average fade slightly again as oil prices have cooled and our spring peak appears to be more confidently 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.
“While refinery utilization rates last week indicated that there is still some refinery maintenance work to be done, oil prices have helped put downward pressure on gasoline prices, with oil falling below $80 per barrel last week. In addition, a weaker-than-expected jobs report is adding to some concerns that gasoline demand could remain weak through the summer driving season, which is just a few weeks from beginning.
“With the seasonal factors behind us, looking ahead, we expect gasoline prices to continue cooling alongside diesel prices as we look forward to Memorial Day weekend.”