The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped 1.4 cents to $4.792 Wednesday after back-to-back increases totaling seven-tenths of a cent.
The average price is 1.6 cents less the one week ago and 28.6 lower than one year ago but two-tenths of a cent more than one month ago, according to figures from the AAA and the Oil Price Information Service. It has dropped $1.701 since rising to a record $6.493 on Oct. 5, 2022.
The Orange County average price dropped for the 12th time in 13 days, decreasing nine-tenths of a cent to $4.703. It has dropped 6.5 cents over the past 13 days, including three-tenths of a cent Tuesday. The average price fell 10 consecutive days, was unchanged Monday and resumed dropping Tuesday.
The Orange County average price is 2.8 cents less the one week ago, 4.1 cents lower one month ago and 28.3 cents below what it was one year ago. It has dropped $1.755 since rising to a record $6.458 on Oct. 5, 2022.
The national average price dropped for the fifth consecutive day, decreasing 1.1 cents to $3.163. The average price has fallen 3.3 cents over the past five days, including a half-cent Tuesday.
The national average price is 1.9 cents less than one week ago and 42.2 lower than one week ago but 1.4 cents more than one month ago. It has dropped $1.853 since rising to a record $5.016 on June 14, 2022.
“While the national average didn’t fall quite as far as anticipated for Memorial Day, it was still one of the most affordable since 2021 and, when adjusted for inflation, among the cheapest in nearly a decade,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, said in a statement.
“As we move into the heart of summer, I believe we’re likely to see a relatively stable stretch for gas prices as refinery maintenance wraps up. Don’t expect the national average to rise above $3.30 per gallon, nor drop much below $3 for now.
“While refining issues on the West Coast are beginning to ease, several factors could still influence prices in the weeks ahead — including growing uncertainty around the upcoming hurricane season. We’ll also be watching OPEC+’s meeting this week to see if they boost oil production again for July as well.”
OPEC+ refers to OPEC members and certain nonmember oil-producing nations which agree to cooperate on cutting production.