The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Tuesday for the second time in three days following a run of 14 increases in 15 days totaling 27.8 cents that pushed it to its highest amount since June 6.
The average price dropped a half-cent Tuesday to $4.922, according to figures from the AAA and the Oil Price Information Service. It is 5.5 cents more than one week ago and 21.4 cents higher than one month ago, but 40.5 cents less than one year ago.
The average price has dropped $1.572 since rising to a record $6.494 on Oct. 5, 2022. It decreased three-tenths of a cent Sunday and rose three-tenths of a cent Monday.
The Orange County average price recorded its largest decrease since Dec. 3, dropping 1.5 cents to $4.873, after decreasing one-tenth of a cent Monday and being unchanged Saturday and Sunday after a 10-day streak of increases totaling 28.6 cents that pushed it to its highest amount since June 3.
The Orange County average price is 2.9 cents more than one week ago and 20.7 cents more than one month ago, but 42.6 cents less than one year ago. It has dropped $1.586 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 11 increases in 12 days totaling 14.2 cents, decreasing 1.3 cents to $3.246. It dropped six-tenths of a cent Saturday and four-tenths of a cent Sunday and rose one-tenth of a cent Monday.
The national average price is 4.5 cents more than one week ago and 15.1 cents higher than one month ago but 35.2 cents less than one year ago. It has dropped $1.77 since rising to a record $5.016 on June 14, 2022.
“While the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy following the U.S. announcement of some of the most significant tariffs in over a century, along with OPEC+ restoring oil production faster than anticipated,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“In addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased — raising the likelihood of reduced global energy and oil demand, which is sending prices lower.
“As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. If tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists.”