The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Saturday for the seventh consecutive day after hitting a record high, decreasing three-tenths of a cent to $4.693.
The average price has dropped 2.3 cents over the past seven days, including six-tenths of a cent Friday, according to figures from the AAA and Oil Price Information Service. The streak of decreases follows a run of 16 increases in 18 days totaling 12.5 cents that boosted the average price to a record $4.716 last Saturday.
Despite the streak of decreases, the average price is 10.3 cents more than one week ago and $1.54 higher than one year ago.
The Orange County average price dropped for the seventh time in eight days since moving within one-tenth of a cent of matching its record high, dropping one-tenth of a cent to $4.665. It has dropped 2.4 cents over the past eight days, including four-tenths of cent Friday.
The Orange County average price is 1.9 cents less than one week ago but 11.8 cents more than one month ago and $1.535 greater than one year ago.
The dropping pump prices are the result of a significant drop in the price of crude oil and “because this is traditionally the time of year with the lowest demand,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has dropped 21.72% from its 52-week high of $84.65 hit Oct. 26, 2021, to $66.26 Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.