Los Angeles County experienced a decline in the average price of self-serve regular gasoline for the second consecutive day. This drop follows a series of 54 increases in 59 days, amounting to a total of $1.097. The surge had driven the price to its highest level since October 17.
According to data from the AAA and Oil Price Information Service, the average price fell by 2.3 cents on Friday, settling at $6.037 per gallon. Compared to the previous week, it is now 39.1 cents higher. Additionally, the current price is 67.4 cents higher compared to a month ago and 45 cents higher compared to the same period last year.
Since reaching a record high of $6.494 on October 5, the average price has decreased by 45.7 cents.
In Orange County, the average price of self-serve regular gasoline also experienced a drop for the second consecutive day. This decrease followed a series of 52 increases in 58 days, totaling $1.144. It had reached its highest amount since October 14.
The average price in Orange County decreased by 2.5 cents to $5.987 per gallon. Compared to the previous week, it is now 35.9 cents higher. Similarly, the current price is 68.2 cents higher compared to a month ago and 42.1 cents higher compared to the same period last year. Since peaking at a record high of $6.459 on October 5, the average price has dropped by 47.2 cents.
“Refinery production and imports have had a positive impact on the fuel supply situation in Southern California,” stated Doug Shupe, the Corporate Communications Manager at the Automobile Club of Southern California.
Shupe added, “According to the Oil Price Information Service, the PBF Energy refinery in Torrance and the Wilmington portion of the Phillips 66 refinery have recently initiated planned maintenance projects. However, OPIS analysts predict that large shipments of imported gasoline will arrive on the West Coast in the upcoming days, which should offset the upward pressure on pump prices caused by the refinery maintenance.”
The national average price of gasoline also experienced a decline for the fourth consecutive day. This drop followed 11 consecutive days of price increases, totaling 7.8 cents. The average price decreased by eight-tenths of a cent, settling at $3.859 per gallon. Compared to the previous week, it is now seven-tenths of a cent lower. However, it is a half-cent higher compared to a month ago and 17.5 cents higher compared to the same period last year.
Since reaching a record high of $5.016 on June 14, 2022, the national average price has decreased by $1.157.
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