The average price of self-serve regular gasoline in Los Angeles County experienced its second consecutive drop on Tuesday. This decline follows a streak of 10 increases in 11 days, which led to a total increase of 7.3 cents and brought the price to its highest level since November 30.
According to data from the AAA and the Oil Price Information Service, the average price decreased by half a cent on Tuesday, after decreasing by two-tenths of a cent the day before. The current average price stands at $4.987, which is 1.8 cents higher than last week and 5.5 cents higher than last month. However, it remains 97.3 cents lower than the price one year ago.
Since reaching a record high of $6.494 on October 5, the average price has dropped by $1.507.
In Orange County, the average price also dropped for the third time in four days. This decline comes after a series of seven increases in eight days, totaling 7.8 cents. The average price decreased by seven-tenths of a cent to $4.923. It dropped by four-tenths of a cent on both Saturday and Sunday, and remained unchanged on Monday.
Compared to last week, the average price in Orange County is nine-tenths of a cent higher, and it is 6.2 cents higher than last month. However, it is 93.1 cents lower than the price one year ago. Since reaching a record high of $6.459 on October 5, the average price has dropped by $1.536.
The national average price also experienced a slight decrease, dropping by two-tenths of a cent to $3.563. This marks the fourth consecutive day with changes of two-tenths of a cent or less. On Saturday, the price remained unchanged, on Sunday it dropped by two-tenths of a cent, and on Monday it rose by one-tenth of a cent.
Compared to last week, the national average price is 2.2 cents higher. However, it is 1.3 cents lower than last month, and 95.8 cents lower than the price one year ago. Since reaching a record high of $5.016 on June 14, 2022, the price has dropped by $1.453.
“With oil prices reaching $75 per barrel last week, the highest level in months, the national average price of gasoline also experienced upward pressure. Over half of the states in the nation saw an increase in gas prices last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. GasBuddy provides real-time gas price information from more than 150,000 stations.
“While the price increases could continue into this week, I anticipate them being relatively mild. The national average price will likely remain in the $3.50-$3.60 range that we’ve been stuck in since April for the upcoming week and possibly the following week as well,” he added.
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