The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped four-tenths of a cent Tuesday to $4.496 after rising nine-tenths of a cent over the previous two days.
The average price is unchanged from one week ago, 9.2 cents more than one month ago but 7.6 cents less than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.998 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price rose two-tenths of a cent to $4.437, one day after dropping three-tenths of a cent. It is a half-cent less than one week ago and 6.6 cents lower than one year ago but 9.7 cents more than one month ago.
The Orange County average price has dropped $2.022 since rising to a record $6.459 on Oct. 5, 2022.
The national average price dropped for the fourth consecutive day, decreasing one-tenth of a cent to $3.122, a day after dropping four-tenths of a cent. It dropped two-tenths of a cent Friday and six-tenths of a cent Saturday.
The national average price is three-tenths of a cent less than one week ago, 8.8 cents higher than one month ago and 1.9 cents greater than one year ago. It has dropped $1.894 since rising to a record $5.016 on June 14, 2022.
The national average price dropped two-tenths of a cent to $3.12, extending its streak of decreases to five consecutive days. The national average price has dropped 1.5 cents over the past five days, including one-tenth of a cent Monday. The streak follows a run of nine increases in 10 days totaling 7 cents.
The national average price is six-tenths of a cent less than one week ago and 1.7 cents lower than one year ago but 9.4 cents more than one month ago. It has dropped $1.896 since rising to a record $5.016 on June 14, 2022.
“Oil prices have declined over the last week following President (Donald) Trump’s speech at the World Economic Forum, where he urged Saudi Arabia to lower oil prices by restoring production,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“The downturn in oil has caused gas prices to stabilize for the time being, with crude now more than $5 per barrel below where it was a couple of weeks ago. As we approach the Feb. 1 deadline for potential U.S. tariffs on Canada and Mexico — key sources of crude oil imports — we’ll be monitoring for any potential impact, including the possibility of retaliatory tariffs.
“For now, I remain hopeful that tariffs won’t materialize, and gas prices could stay relatively stable over the next few weeks, at least until the seasonal rise in prices begins in mid-to-late February.”