The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Thursday to its lowest amount since Feb. 2, 2023, decreasing 1.4 cents to $4.584.
The average price has dropped 14 consecutive days, decreasing 17.3 cents, including 1.9 cents Wednesday, according to figures from the AAA and Oil Price Information Service. It is 8.3 cents less than one week ago and 14.4 cents lower than one month ago, but 7.8 cents more than one year ago.
The average price has dropped $1.91 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price dropped to its lowest amount since Jan. 24, 2023, decreasing eight-tenths of a cent to $4.473. It has dropped 15 consecutive days, decreasing 19 cents, including 2.3 cents Wednesday. The Orange County average price is 9.4 cents less than one week ago and 9 cents lower than one month ago, but 4 cents more than one year ago. It has dropped $1.986 since rising to a record $6.459 on Oct. 5, 2022. The national average price rose for the third consecutive day following a run of 19 decreases in 21 days totaling 5.9 cents, increasing six- tenths of a cent to $3.094. It has risen 2.6 cents over the past three days, including 1.6 cents Wednesday.
The national average price is 1.7 cents more than one week ago and 2.8 cents higher than one month ago but 26.5 cents less than one year ago. It has dropped $1.922 since rising to a record $5.016 on June 14, 2022.
Last week was a bit of a mixed bag for gasoline prices, with prices increasing early on but falling again in recent days as the situation in the Red Sea continues to drive market volatility, said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
While last week saw the U.S. attacking Houthi militants engaged in attacks on vessels in the Red Sea, oil prices jumped, but then promptly fell as economic concerns with weak demand sapped the upward move after the U.S. and allies attacked Houthi rebels.
Gasoline inventories also saw another large rise, putting some downward pressure on gas prices, and leaving an opportunity for the national average to potentially briefly fall below $3 per gallon. We’ll have to see if the stars finally align for such a move.
