In Los Angeles County, the average price of a gallon of self-serve regular gasoline experienced a slight decrease of one-tenth of a cent on Wednesday, reaching $4.921. This marks an end to a five-day streak of consecutive increases, following a rise of six-tenths of a cent the previous day.
Compared to one week ago, the current average price is 3.3 cents higher. However, it is 1.4 cents lower than the price one month ago and a significant $1.362 lower than the price recorded this time last year. Information from the AAA and the Oil Price Information Service confirms these figures.
Since its peak at a record-breaking $6.494 on October 5th, the average price in Los Angeles County has dropped by $1.573.
Meanwhile, in Orange County, the average price of gasoline experienced a marginal increase of one-tenth of a cent, reaching $4.86. Compared to one week ago, it is 4.6 cents higher. However, it is 2.6 cents lower than the price recorded one month ago and a notable $1.331 lower than this time last year.
Since reaching a record high of $6.459 on October 5th, the average price in Orange County has dropped by $1.599.
On a national scale, the average price of gasoline dropped by seven-tenths of a cent, reaching $3.522. This represents a decrease of 3.4 cents compared to one week ago, 3 cents less than the price recorded one month ago, and a significant $1.278 less than the price recorded this time last year. Since reaching a record high of $5.016 on June 14, 2022, the national average price has dropped by $1.494.
Patrick De Haan, the head of petroleum analysis at GasBuddy, which provides real-time gas price information from over 150,000 stations, speculates that gasoline prices may face additional pressure in the coming month as summer nears its end. However, he also states that the national average price is currently on track to meet the anticipated full-year average. De Haan believes that the second half of the year may see prices fall below expectations, potentially resulting in a national average price of less than $3 per gallon this autumn.
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