The average price of a gallon of self-serve regular gasoline in Los Angeles County reached its highest amount since Oct. 11, thanks to a 23-day run of price increases in just 25 days, totaling 91.8 cents. However, this streak ended on Saturday with a slight decrease of seven-tenths of a cent, bringing the price down to $6.308.
This decrease was prompted by a letter from Gov. Gavin Newsom to the California Air Resources Board, allowing refineries to start producing and distributing cheaper winter-blend gasoline ahead of schedule. Typically, stations can only sell winter blend gas starting from November 1.
Gasoline markets in California experienced a notable collapse due to the CARB waiver. Market prices dropped by 84 cents per gallon for the LA/SoCal market and California-produced gasoline sold in Arizona. Patrick De Haan, head of petroleum analysis at GasBuddy, shared this news on X (formerly known as Twitter) just before noon on Friday.
De Haan further commented, “If this holds, this means that later tonight stations will be paying FAR less and will then slowly start passing it on. Other stations won’t budge for a few days until they sell through more of their expensive gasoline… mid next week, declines ramp up across California, Arizona, and Nevada.”
The average price of gasoline had been on a continuous rise for 16 days, temporarily dropping on Sept. 21 and Sept. 22, and then resuming its upward trend last Saturday. Currently, it is 23.8 cents higher compared to one week ago and 93.8 cents higher compared to one month ago. However, it is 7.5 cents lower than the price one year ago, just before it reached a record high.
According to figures from the AAA and Oil Price Information Service, the average price has already decreased by 18.6 cents since reaching its record high of $6.494 on Oct. 5.
In Orange County, the average price of gasoline also dropped by 1.5 cents to $6.237, marking an end to a 26-day streak of price increases in just 28 days, totaling 97.2 cents. Currently, the price is 24.7 cents higher compared to one week ago and 95.6 cents higher compared to one month ago. However, it is 11.3 cents lower than the price one year ago.
In Orange County, the average price has already decreased by 18.6 cents since reaching its record high of $6.459 on Oct. 5.
Nationally, the average price of gasoline has dropped for the 10th time in the past 12 days, decreasing by nine-tenths of a cent to $3.823. Over the last 12 days, it has dropped by 5.8 cents, including three-tenths of a cent on Friday.
The national average price is currently 2.8 cents lower compared to one week ago and four-tenths of a cent lower compared to one month ago. However, it is 2.6 cents higher compared to one year ago. Since reaching its record high of $5.016 on June 14, 2022, the national average price has dropped by $1.193.
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