The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped six-tenths of a cent Friday to $4.948, ending a 14-day streak of increases after reaching its highest amount since March 9.
The average price has risen 12 cents over the past 15 days, including eight-tenths of a cent Thursday, according to figures from the AAA and the Oil Price Information Service. The streak of increases follows a run of six decreases in seven days totaling 2.4 cents.
The average price is 5.7 cents more than one week ago and 4.7 cents higher than one month ago but $1.273 lower than one year ago. It has dropped $1.546 since rising to a record $6.494 on Oct. 5.
The average price in Orange County dropped seven-tenths of a cent to $4.906, the second day in a row it dropped.
It is 4.2 cents more than one week ago and 5.7 cents higher than one month ago but $1.294 less than one year ago and has dropped $1.553 since rising to a record $6.459 on Oct. 5.
“Los Angeles wholesale gasoline prices moved up sharply in May before the holiday, but have dropped back down in the past week, indicating that current supplies are meeting the demand and possibly signaling the end of pump price increases for now,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
The national average price dropped seven-tenths of a cent to $3.567 a day after dropping two-tenths of a cent. It is a half-cent less than one week ago, 2.9 cents less than one month ago and $1.148 lower than one year ago.
The national average price has dropped $1.449 since rising to a record $5.016 on June 14.