The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped two-tenths of a cent Wednesday to $4.674, one day after decreasing three-tenths of a cent.
The average price is unchanged from one week ago, two-tenths of a cent less than one month ago and $1.326 higher than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped 4.2 cents since hitting the record high of $4.716 on Nov. 27.
The Orange County average price rose one-tenth of a cent to $4.657 one day after remaining unchanged. It is 1 cent more than one week ago, 1.3 cents higher than one month ago and $1.326 greater than one year ago.
The Orange County average price has dropped 3.2 cents since rising to $4.689 on Nov. 26, one-tenth of a cent less than the record set on Oct. 8, 2012.
Although gas prices are stable, increases could be coming.
“In the past few weeks, we have seen the price for a barrel of oil slowly work its way from the mid-$60s,” said Andrew Gross, an AAA national public relations manager. “And the primary reason is global economic optimism, whether well-founded or not, that the worst of COVID may soon be behind us.”
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose to its highest settlement value since Oct. 13, 2014, Tuesday, increasing $1.61 to $85.43.