The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since Aug. 6 Tuesday, dropping 1.5 cents to $4.688, the 14th decrease in 15 days.
The average price has dropped 9.6 cents over the past 15 days, including two-tenths of a cent Monday, according to figures from the AAA and Oil Price Information Service. It dropped six consecutive days, rose four-tenths of a cent March 3 and resumed decreasing the next day.
The average price is 5.4 cents less than one week ago and 25 cents lower than one year ago but seven-tenths of a cent more than one month ago. It has dropped $1.806 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price resumed decreasing, dropping 1 cent to $4.65, one day after a run of 13 decreases in 14 days totaling 9 cents ended when it was unchanged. It is 5.8 cents less than one week ago, 2.3 cents lower than a month ago and 23.6 cents below one year ago.
The Orange County average price has dropped $1.809 since rising to a record $6.459 on Oct. 5, 2022.
The national average price dropped for the fourth time in five days, decreasing eight-tenths of a cent to $3.081, one day after remaining unchanged. It is 1.8 cents less than one week ago, 6 cents lower than a month ago and 31.6 cents below one year ago.
The national average price has dropped $1.935 since rising to a record $5.016 on June 14, 2022.
“The average price of gasoline in the U.S. hasn’t been this low in March since 2021, when the pandemic significantly reduced demand and kept prices suppressed,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“This time around, caution is also playing a role in keeping prices lower — particularly uncertainty over tariffs, which is likely having a moderate impact. Concerns about the direction of the economy could have a major influence on fuel prices in the months ahead, especially with the high level of uncertainty surrounding tariffs.
“Additionally, OPEC+ announced last week that it would gradually begin restoring oil production after nearly two years of cuts, adding further downward pressure on oil prices. As a result, the typical seasonal rise in gas prices has yet to materialize, and if and when it does, it may be considerably smaller than expected.”