The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped one-tenth of a cent to $5.412 Monday, after increasing three of the previous four days, including three-tenths of a cent Sunday.
The average price is 1.8 cents more than one week ago, 36.1 cents less than one month ago and 89.3 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service. It has increased 71.8 cents since the start of the joint U.S./Israel attack on Iran on Feb. 28, which sent oil prices higher and drastically accelerated increases at the gas pump.
The Orange County average price dropped 1.1 cents to $5.298, after increasing three of the previous four days, including one-tenth of a cent Sunday. It is 2.5 cents more than one week ago, 34.3 cents less than one month ago and 83.4 cents lower than one year ago. It has increased 66.2 cents since the attack on Iran.
The national average price fell four-tenths of a cent to $3.872, the third consecutive decrease following three consecutive increases totaling 9.4 cents. It has dropped 1.2 cents over the past three days, including six-tenths of a cent Sunday.
The national average price is 7.5 cents more than one week ago, 21.4 cents less than one month ago and 71.8 cents higher than one year ago. It has increased 89 cents since the attack on Iran.
“The national average price of gasoline has seen its first weekly increase since May 11, snapping a streak of eight straight weekly declines, with prices climbing in nearly four out of five states,” 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.
“The turnaround comes as oil prices have surged following the collapse of the ceasefire between the U.S. and Iran and the start of new attacks, with oil jumping another 4% in Sunday evening trading, an ominous sign that could bring additional gas and diesel price increases in the week ahead.
“While the pace of increases doesn’t yet appear likely to match what motorists experienced in March and April, fresh Ukrainian attacks on additional Russian refineries will only add to the pressure, keeping supplies of refined products tight even as the situation remains fluid.”