The average price of a gallon of self-serve regular gasoline in Los Angeles County experienced a remarkable drop on Sunday, marking the second consecutive day of decline. This drop comes after a period of 23 increases in 25 days, with a decrease of 1.7 cents to reach $6.291.
The reasons behind these decreases can be traced back to Governor Gavin Newsom’s letter to the California Air Resources Board, which was sent late Thursday. In the letter, Newsom directed the board to allow refineries to start producing and distributing winter-blend gasoline, a cheaper alternative to produce. Typically, stations are not permitted to sell winter blend gas until November 1.
Patrick De Haan, the head of petroleum analysis at GasBuddy, expressed his observations on the situation, writing on X (formerly known as Twitter) just before noon on Friday: “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.”
De Haan goes on to state, “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.”
During the sequence of increases, the average price rose by 91.8 cents, reaching its highest point since October 11, as reported by AAA and the Oil Price Information Service.
However, it registered a decrease of seven-tenths of a cent on Saturday. Despite this decline, the current average price is still 19 cents higher than last week and 91.9 cents higher than last month. On a positive note, it is 15.8 cents lower than the price one year ago. Since reaching a record-high of $6.494 on October 5, 2022, the average price has dropped by 20.3 cents.
In Orange County, the average price of gasoline experienced its largest decrease since December 14, dropping by 3.6 cents to reach $6.237. This decrease came after a series of 26 increases in 28 days, with a small decrease of 1.5 cents ending the trend.
The current average price in Orange County is 16.4 cents higher than last week and 92.1 cents higher than last month. However, it is 19.2 cents lower than last year. Since reaching a record-high of $6.459 on October 5, the average price has dropped by 22.2 cents.
Nationally, the average price of gasoline dropped for the 11th time in 13 days, experiencing a decrease of eight-tenths of a cent to reach $3.815. Over the past 13 days, it has dropped by 6.6 cents, including a decrease of nine-tenths of a cent on Saturday.
Compared to last week, the national average price is 3.2 cents lower, and it is three-tenths of a cent lower compared to last month. However, it has increased by 1.5 cents compared to the price one year ago. Since reaching a record-high of $5.016 on June 14, 2022, the national average price has dropped by $1.201.
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