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Business Nov 08, 2022
A gasoline truck replenishes a gas station's underground tanks. | Photo courtesy of Rennett Stowe/Flickr (CC BY 2.0)
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By STEVEN HERBERT
The average price of a gallon of self-serve regular gas in Los Angeles County dropped Tuesday for 33rd time in 34 days since rising to a record, decreasing three-tenths of a cent to $5.521.
The average price has dropped 97.3 cents over the past 33 days, including four-tenths of a cent Monday, to its lowest amount since Sept. 20, according to figures from the AAA and the Oil Price Information Service. The average price dropped 31 consecutive days, rose one-tenth of a cent Sunday, then resumed decreasing Monday.
The average gas price is 7.9 cents less than one week ago and 90.9 cents lower than one month ago, but 92.8 cents more than one year ago.
The Orange County average price dropped eight-tenths of a cent to $5.412 following three slight increases in four days after a 29-day streak of decreases. It is 6.2 cents less than one week ago and 94.6 cents lower than one month ago, but 86.7 cents more than one year ago.
The Orange County average price is at its lowest amount since Sept. 19.
“Unfortunately it looks like the hefty price declines have ended because of changes in the market,” Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, told City News Service. “There is a worldwide shortage of diesel and other distillate products made by refineries such as heating oil and jet fuel due to the ongoing Ukraine war, and some states in the Southeast are facing a diesel supply crisis over the next few weeks.
“According to Oil Price Information Service, California refineries just reported a 19% week-over-week decline in unleaded gasoline production and are now maximizing their production of diesel and other distillate products. That has caused a $1 jump in Los Angeles wholesale gasoline prices in less than a week, although the wholesale price today is still $1.40 below its highest point reached in late September.”
The national average gas price was unchanged, remaining at $3.804, one day after rising four-tenths of a cent. It is 4.6 cents more than one week ago and 38.2 cents higher than one year ago but 10 cents less than one month ago and $1.212 lower than the record of $5.016 set June 14.
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