The average price of self-serve regular gasoline in Los Angeles County reached its highest level since Oct. 11, thanks to a 23-day streak of price increases over a span of 25 days. This upward trend came to an end when the price dropped by seven-tenths of a cent to $6.308 on Saturday.
The drop in prices was a result of Governor Gavin Newsom’s directive to the California Air Resources Board, allowing refineries to produce and distribute winter-blend gasoline. This type of gasoline is cheaper to produce and stations are usually not allowed to sell it until November 1.
“Spot gasoline markets collapsing today in California as a result of the CARB waiver…. down 84 cents per gallon for the LA/SoCal market and AZ gasoline produced in CA,” wrote Patrick De Haan, head of petroleum analysis at GasBuddy, on X, formerly known as Twitter, just before noon on Friday.
“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 CA, AZ, NV.”
The average price had been rising for 16 consecutive days, dropped on Sept. 21 and 22, and then resumed its increase last Saturday. It is currently 23.8 cents higher than one week ago and 93.8 cents higher than one month ago. However, it is still 7.5 cents lower than the average price one year ago when it was approaching a record high.
According to data from the AAA and Oil Price Information Service, the average price has dropped by 18.6 cents since reaching a record high of $6.494 on Oct. 5.
In Orange County, the average price also experienced a drop, settling at $6.237 after a 26-day streak of price increases. This ended a run of 28 days with only two price decreases. The current average price is 24.7 cents higher than one week ago and 95.6 cents higher than one month ago. However, it is 11.3 cents lower than the average price one year ago.
Nationally, the average price of gasoline dropped for the 10th time in the past 12 days, reaching $3.823. Over the past 12 days, the national average price has decreased by 5.8 cents, including a decrease of three-tenths of a cent on Friday.
The current national average price is 2.8 cents lower than one week ago and four-tenths of a cent lower than one month ago. However, it is 2.6 cents higher than the average price one year ago. The national average price has dropped by $1.193 since reaching a record high of $5.016 on June 14, 2022.
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