The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped 1 cent Tuesday to $4.814, one day after a run of 11 increases in 12 days ended with a decrease of one-tenth of cent.
The average price is four-tenths of a cent less than one week ago, 2 cents lower than one month ago and 35.6 cents below what it was one year ago, according to figures from the AAA and the Oil Price Information Service.
The average price has dropped $1.679 since rising to a record $6.493 on Oct. 5, 2022. It rose 7.7 cents in the 12 days ending Sunday.
The Orange County average price dropped for the fifth consecutive day, decreasing seven-tenths of a cent to $4.737. It has dropped 3.1 cents over the past five days, including three-tenths of cent Monday.
The Orange County average price is 2.5 cents less than one week ago, 4.1 cents lower than one month ago and 34.1 cents below what it was one year ago. It has dropped $1.721 since rising to a record $6.458 on Oct. 5, 2022.
The national average price dropped two-tenths of a cent to $3.177, also the third decrease in four days. It has dropped 1.5 cents over the past four days, decreasing seven-tenths of a cent on both Saturday and Sunday and rising one-tenth of a cent Monday.
The national average price is 2 cents more than one week ago and 2.6 cents higher than one month ago but 41.3 cents less than one year ago. It has dropped $1.839 since rising to a record $5.016 on June 14, 2022.
“Gasoline prices jumped in over three-quarters of U.S. states over the last week, as oil prices surged following President (Donald) Trump’s decision to reduce tariffs and strike new trade deals — moves that inspired optimism that a major tariff-induced economic slowdown might be avoided,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“In addition to gains in price-cycling markets, rising oil prices — fueled by economic optimism and tightening gasoline inventories — contributed to broader upward pressure on prices. While Americans are still seeing significant savings compared to a year ago, that gap has narrowed as oil prices have rebounded.
“For now, motorists can expect one of the most affordable summers for hitting the road since the pandemic, with gas prices tracking at some of the lowest inflation-adjusted levels in years.”