The average price of a gallon of self-serve regular gasoline in Los Angeles County resumed decreasing Tuesday, dropping two-tenths of a cent to $4.748, one day after a run of 12 decreases in 13 days totaling 8.8 cents ended with an increase of two-tenths of a cent.
The average price is 3.2 cents less than one week ago, 17.6 cents lower than one month ago and 56.7 cents below what is was one year ago, according to figures from the AAA and the Oil Price Information Service. It has dropped $1.745 since rising to a record $6.493 on Oct. 5, 2022.
The Orange County average price also resumed decreasing, dropping four-tenths of a cent to $4.683, one day after a run of 12 decreases in 13 days totaling 9.4 cents ended with an increase of three-tenths of a cent.
The Orange County average price is 5.5 cents less than one week ago, 20.5 cents lower than one month ago and 54.3 cents below what is was one year ago. It has dropped $1.775 since rising to a record $6.458 on Oct. 5, 2022.
The national average price dropped for the fourth time in five days, decreasing seven-tenths of a cent to $3.158. It has dropped 2.8 cents over the past five days. It decreased three consecutive days, was unchanged Monday and resumed dropping Tuesday.
The national average is two-tenths of a cent less than one week ago, 10 cents lower than one month ago and 49.3 cents below what is was one year ago. It has dropped $1.858 since rising to a record $5.016 on June 14, 2022.
“Last week was another mixed bag at the pump for many Americans, but there may be some promising short-term news from OPEC+, which has agreed to increase oil production starting in June,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“Here in the U.S., slightly more than half of the states saw gas prices rise, while many others saw modest declines. We continued to see price cycling in states prone to such movements, including much of the Great Lakes region, as well as in Maryland, Florida, and parts of Texas.
“However, the most notable development is OPEC+’s decision to raise production next month, as oil prices hover near their lowest levels since the pandemic. While gasoline inventories have been tightening due to ongoing refinery maintenance — which has limited how much gas prices have fallen in response to lower oil — refinery output is expected to rise soon. As maintenance wraps up, we could see an increase in gasoline supply and a national average that may soon dip below $3 per gallon.”