The average price of a gallon of self-serve regular gasoline in Los Angeles County experienced a significant drop on Monday. This marks the third consecutive day of decline after a stretch of 23 increases in just 25 days. The price decreased by six-tenths of a cent, bringing it down to $6.285.
This drop can be attributed to a directive from Gov. Gavin Newsom to the California Air Resources Board. In a letter sent late Thursday, the governor instructed the board to allow refineries to start producing and distributing winter-blend gasoline. This type of gasoline is cheaper to produce and stations typically cannot sell it until November 1.
Patrick De Haan, the head of petroleum analysis at GasBuddy, shared on X (formerly known as Twitter) that the spot gasoline markets in California were collapsing as a result of the CARB waiver. He noted that prices were down by 84 cents per gallon for the LA/SoCal market and for gasoline produced in California. De Haan’s tweet was posted just before noon on Friday.
De Haan added, “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.”
According to data from the AAA and Oil Price Information Service, the average price of gasoline rose by 91.8 cents during the recent increase streak, reaching its highest point since October 11.
However, the price dropped by 1.7 cents on Sunday. Despite this decrease, it is still 16.9 cents higher than one week ago and a significant 89.6 cents higher than one month ago. In comparison to one year ago, it is still 17.4 cents lower. The average price has come down by 20.9 cents since reaching a record high of $6.494 on October 5, 2022.
In Orange County, the average price dropped by nine-tenths of a cent, bringing it to $6.228.
The Orange County average price is 14 cents higher than one week ago and a significant 88.9 cents higher than one month ago. However, it is 19.4 cents lower than the price recorded one year ago. Since reaching a record high of $6.459 on October 5, the price has decreased by 23.1 cents.
Nationally, the average price of gasoline dropped for the 12th time in 14 days. It decreased by one-tenth of a cent, bringing it to $3.814. Over the past 14 days, the national average price has decreased by a total of 6.7 cents, and it dropped by eight-tenths of a cent on Sunday.
Compared to one week ago, the national average price is 3.5 cents lower and one-tenth of a cent lower than one month ago. However, it is 1.8 cents higher than the price recorded one year ago. The national average price has significantly decreased by $1.202 since reaching a record high of $5.016 on June 14, 2022.
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