The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Sunday for the 26th time in the last 27 days, decreasing eight-tenths of a cent to $5.008.
The average price has dropped 30.8 cents over the past 27 days, including 1.8 cents Saturday, according to figures from the AAA and Oil Price Information Service. It is 7.4 cents less than one week ago and 33.3 cents less than one month ago, but 6 cents more than one year ago. It has dropped $1.486 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped 1.1 cents to $4.908 — its 35th decrease in the last 37 days. The Orange County average price is 8.1 cents less than one week ago and 35.1 cents lower than one month ago, but two-tenths of a cent more than one year ago. It has dropped $1.551 since rising to a record $6.459 on Oct. 5, 2022.
“Oil Price Information Service reports that wholesale Los Angeles gasoline prices are continuing to drop because of increased availability of imported gasoline and reportedly lower levels of demand compared to last year,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“Those factors should help pump price drops to continue for now.”
The national average price dropped for the 10th consecutive day, decreasing eight-tenths of a cent to $3.536, a day after it dropped 1.5 cents. It is 5.7 cents less than one week ago, 13.5 cents less than one month ago, and 3.1 cents less than one year ago. The national average price has dropped $1.48 since rising to a record $5.016 on June 14, 2022.
The primary reasons for the 5.7-cent weekly drop in the national average price, the largest of the year, are “tepid demand and a lower oil price,” according to Andrew Gross, an AAA national public relations manager.
“Gas prices will likely keep up this slow sag now that we are past the Memorial Day travel weekend and more locations, east of the Rockies, will be selling gas below $3 a gallon,” Gross said. However, Saturday’s start of Atlantic hurricane season, which forecasters predict will be very active, makes it “time to start weather watching,” Gross said.
“A storm impacting the Gulf Coast oil production and refining centers could push prices temporarily higher,” he added.