The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since Dec. 19 Tuesday, dropping six-tenths of a cent to $4.778.
The average price is seven-tenths of a cent less than one week ago and 1.7 cents lower than one year ago but 28.7 cents more than one month ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.716 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped for the fifth time in six days following a 23-day streak of increases totaling 32.3 cents that boosted it to its highest amount since June 11, decreasing four-tenths of a cent to $4.744.
The Orange County average price had dropped 1.4 cents over the past six days, including two-tenths of a cent Monday. It dropped three consecutive days, was unchanged Sunday and resumed decreasing Monday.
The Orange County average price is 1.3 cents less than one week ago and 1.1 cents lower than one year ago but 30.7 cents more than one month ago. It has dropped $1.715 since rising to a record $6.459 on Oct. 5, 2022.
The national average price dropped for the fifth consecutive day, decreasing four-tenths of a cent to $3.14. It has dropped 2.5 cents over the past five days, including one-tenth of a cent Monday.
The national average price is 2.1 cents less than one week ago and 12.2 cents lower than one year ago but 1.3 cents more than one month ago. It has dropped $1.876 since rising to a record $5.016 on June 14, 2022.
“With the sharp gas price increases on the West Coast now fading, the national average has dipped slightly over the past 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 some areas are seeing increases, others are experiencing stability or even slight declines, as the bulk of the seasonal transition has yet to significantly impact gasoline prices, certainly good news for motorists. Oil prices have remained steady in the low $70s, but we continue to monitor key developments, including ongoing talks between the U.S., Russia, and Ukraine on a potential agreement.
“However, as we inch closer to March, the typical March madness will eventually take hold, so motorists may want to enjoy the slight decline while it lasts. While I don’t see an abrupt spike in the national average just yet, we’re likely to see upward movement in the weeks ahead.”