The average price of a gallon of self-serve regular gasoline in Los Angeles County declined nine-tenths of a cent Tuesday to $4.549, its lowest amount since Feb. 4.
The average price is 3.1 cents less than one week ago, 14.5 cents less than one month ago and 23.5 cents less than one year ago, according to figures from AAA and the Oil Price Information Service. It has dropped $1.944 since rising to a record $6.493 on Oct. 5, 2022.
The Orange County average price fell eight-tenths of a cent to $4.487, its lowest amount since Feb. 3. The Orange County average price is 2 cents less than one week ago, 11.8 cents less than one month ago and 21.3 cents less than one year ago. It has dropped $1.971 since rising to a record $6.458 on Oct. 5, 2022.
The national average price rose six-tenths of a cent to $3.149, breaking a streak of 12 consecutive slight decreases. It is 2.9 cents less than one week ago, 2.4 cents more than one month ago, and 35.7 cents less than one year ago. The national average price has dropped $1.867 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,” De Haan continued.