The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased Tuesday for the seventh time in eight days, dropping eight-tenths of a cent to $5.358, its largest decrease since Feb. 22.
The average price has dropped 2.9 cents over the past eight days, including one-tenth of a cent both Sunday and Monday, according to figures from the AAA and Oil Price Information Service. It dropped three consecutive days, rose two-tenths of a cent Friday and resumed dropping Saturday.
The average price is 2.4 cents less than one week ago, but 22.7 cents more than one month ago and 45.4 cents higher than one year ago. It has dropped $1.136 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped for the 12th time in 13 days, decreasing four-tenths of a cent to $5.281. It has dropped 6.8 cents over the past 13 days, including four-tenths of a cent Monday. It dropped seven consecutive days, rose two-tenths of a cent Thursday, then resumed dropped Friday.
The Orange County average price is 2.9 cents less than one week ago, but 18.5 cents more than one month ago and 42.2 cents higher than one year ago. The Orange County average price has dropped $1.178 since rising to a record $6.459 on Oct. 5, 2022.
The national average price dropped two-tenths of a cent to $3.657, the third consecutive day it has changed by two-tenths of a cent. It rose two-tenths of a cent Monday and dropped two-tenths of a cent Sunday.
The national average price is 1 cent less than one week ago, but 12.1 cents more than one month ago and 4.6 cents higher than one year ago. It has dropped $1.359 since rising to a record $5.016 on June 14, 2022.
“For the first time since February, the nation’s average price of gasoline has seen a weekly drop,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“With more confidence every day, it appears the spring top is in: average gas prices have started to cool off in many areas. For now, few Americans need to worry that gas prices are going to skyrocket; the risk appears to be behind us, with relief coming in the weeks ahead.
“While the latter half of the summer could potentially see hurricane-related issues, I do sense we’ve hit the top for now, and Americans should be optimistic that this summer will be very similar to last year, in line with our early 2024 expectations and likely not featuring record gasoline prices. I’m quite excited the seasonal rise in gas prices appears to be over.”