The average price of a gallon of self-serve regular gasoline in Los Angeles County rose one-tenth of a cent Monday to $4.558 after decreasing five of the previous six days, dropping to its lowest amount since Feb. 4.
The average price is 3 cents less than one week ago, 13.9 cents lower than one month ago and 22.2 cents below what it was one year ago, according to figures from AAA and the Oil Price Information Service. It has dropped $1.935 since rising to a record $6.493 on Oct. 5, 2022.
The Orange County average price dropped to its lowest amount since Feb. 3, decreasing four-tenths of a cent to $4.495. It has dropped six of the past seven days, decreasing 1.4 cents, including two-tenths of a cent Sunday.
The Orange County average price is 11.2 cents lower than one month ago and 20.4 cents less than one year ago. It has dropped $1.963 since rising to a record $6.458 on Oct. 5, 2022.
The national average price dropped for the 12th consecutive day following a run of 14 increases in 15 days totaling 10.5 cents, decreasing two-tenths of a cent to $3.143. It has dropped 8.3 cents over the past 12 days and is 4.2 cents less than one week ago and 36.2 cents lower than one year ago but 1.2 cents more than one month ago.
The national average price has dropped $1.873 since rising to a record $5.016 on June 14, 2022.
“Nearly every state saw average gas prices decline for the second straight week, even as the nation celebrated July 4 with the lowest national average for Independence Day since 2020,” 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.
“That downward momentum may continue, as OPEC’s weekend decision to boost production by a larger-than-expected 548,000 barrels per day in August adds further pressure to oil prices — potentially accelerating supply builds.
“If tensions in the Middle East remain contained and the Gulf is spared from major hurricanes, the odds are improving that the national average could dip below $3 per gallon later this summer, but in the meantime, we could see the national average falling to its lowest summer level since the pandemic.”