The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Sunday for the 40th time in the last 41 days, decreasing seven-tenths of a cent to $4.814, its lowest amount since Feb. 27.
The average price has dropped 50.2 cents over the past 41 days, including seven-tenths of a cent Saturday, according to figures from the AAA and Oil Price Information Service. It is 8.3 cents less than one week ago, 39.6 cents less than one month ago, 12.7 cents less than one year ago, and has dropped $1.68 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped for the 33rd time in the last 34 days, decreasing four-tenths of a cent to $4.689, its lowest amount since Feb. 9. It has dropped 46.1 cents over the past 34 days, including 1.4 cents Saturday. It is 9.9 cents less than one week ago, 43.5 cents less than one month ago, 18.1 cents less than one year ago, and has dropped $1.77 since rising to a record $6.459 on Oct. 5, 2022.
“Oil Price Information Service reports the latest Energy Information Administration data shows that West Coast refinery utilization rates reached their highest production levels of 2024 at the beginning of this month,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“California continues to have the highest gas prices in the U.S., but this week for the first time since March, gas prices in most local areas are lower than at this time a year ago,” he added.
The national average price dropped a half-cent to $3.447. It is two-tenths of a cent less than one week ago, 15.3 cents less than one month ago, 13.6 cents less than one year ago, and has dropped $1.569 since rising to a record $5.016 on June 14, 2022.
“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” said Andrew Gross, an AAA national public relations manager. “So, is the typical robust summer driving season a thing of the past? Or is gas demand just taking longer to pick up steam? We may not know until autumn.”