The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday for the 19th time in 20 days, falling 2.5 cents to $6.183.
The average price has decreased 25.6 cents over the past 20 days, including 2.2 cents Tuesday, according to figures from the AAA and Oil Price Information Service. The run of decreases follows a 44-day streak of increases totaling 79.7 cents that brought the average price within 5.4 cents of its record high, $6.493, set Oct. 5, 2022.
The average price is 12.2 cents less than one week ago and 3.5 cents less than one month ago, but $1.518 more than one year ago. It has increased $1.489 since the start of the joint U.S./Israel war on Iran on Feb. 28, which sent oil prices higher and drastically accelerated increases at the gas pump.
The Orange County average price dropped for the 20th consecutive day, falling 3.9 cents to $6.09. It has dropped 31.7 cents over the past 20 days, including 2.8 cents Tuesday. The streak of decreases follows a run of 42 increases in 44 days totaling 83.7 cents, that pushed it within 5.3 cents of its record high, $6.458, set Oct. 5, 2022.
The Orange County average price is 14.6 cents less than one week ago and 10.2 cents less than one month ago, but $1.468 more than one year ago. It has increased $1.454 since the start of the war on Iran.
The dropping prices are the result of Gov. Gavin Newsom’s announcement Sept. 28 that cheaper winter-blend gasoline would be allowed to be sold immediately instead of the customary Nov. 1 date.
The national average price dropped 1.4 cents to $4.264, its sixth consecutive decrease. It is 6.9 cents less than one week ago and 21.4 cents less than one month ago, but $1.217 more than one year ago. It has increased $1.282 since the attack on Iran.
“Average gasoline prices declined in the vast majority of states over the last week, led by a combination of state fuel tax suspensions and price-cycling markets working their way back down,” 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 Monday.
“For now, the outlook remains tied to geopolitical developments, and some price-cycling states could see upward swings in the days ahead if oil markets firm at all. Motorists in states that benefited from tax suspensions may continue to see some insulation from broader market pressures, but the overall picture remains fluid.”