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Community Aug 16, 2022
Gas station in Los Angeles at Fairfax Avenue and Olympic Boulevard. | Photo courtesy of Chris Yarzab/Wikimedia Commons (CC BY 2.0)
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The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased Tuesday for the 63rd consecutive day since rising to a record, dropping 1.4 cents to $5.38, its lowest amount since March 6.
The average price has dropped $1.082 since rising to a record high of $6.462 on June 14, including three-tenths of a cent Monday, according to figures from the AAA and the Oil Price Information Service. It is 7.8 cents less than one week ago and 60.8 cents lower than one month ago, but 98.8 cents more than one year ago.
The Orange County average price dropped for the 62nd time in 63 days, decreasing 2.1 cents to $5.262, its lowest amount since March 5. It has dropped $1.146 over the past 63 days and $1.148 since rising to a record $6.41 on June 12.
The Orange County average price is 7.4 cents less than one week ago and 61.5 cents lower than one month ago, but 90 cents more than one year ago. It dropped for 58 consecutive days, was unchanged Friday and resumed dropping Saturday.
The national average price dropped for the 63rd consecutive day since rising to a record, decreasing seven-tenths of a cent to $3.949. It has dropped $1.067 since rising to a record $5.016 on June 14.
The national average price is 8.4 cents less than one week ago and 59.9 cents lower than one month ago, but 76.2 cents more than one year ago.
“For the ninth week straight, gas prices have continued to fall, but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“That means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes. While the West Coast and some areas of the Rockies may see prices continue to drift lower, I do believe the national average could tick higher this week as the better than expected jobs report last week likely means less demand destruction than anticipated.”
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