The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped one-tenth of a cent Friday to $4.678, one day after decreasing two-tenths of a cent.
The average price is two-tenths of a cent less than one week ago and nine-tenths of a cent lower than one month ago but $1.421 higher than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped 3.8 cents since hitting the record high of $4.716 on Nov. 27.
The Orange County average price dropped two-tenths of a cent to $4.648, one day after decreasing three-tenths of a cent. It is two-tenths of a cent less than one week ago and 1.3 cents lower than one month ago but $1.407 higher than one year ago.
The Orange County average price has dropped 4.1 cents since rising to $4.689 on Nov. 26, one-tenth of a cent less than the record set on Oct. 8, 2012.
“Oil prices are climbing again due to civil unrest in a couple of oil producing countries but that impact seems to be tempered by concerns about what the Omicron variant of COVID may do to gasoline 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 increased four consecutive sessions and 11 of the past 12 to $79.46, its highest settlement value since Nov. 16.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.