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Business Nov 17, 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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By STEVEN HERBERT
The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since Oct. 26 Thursday, dropping 3.6 cents to $5.427, its lowest amount since Sept. 16.
The average price has dropped 40 times in 43 days since rising to a record $6.494 on Oct. 5, decreasing $1.067, including 3 cents Wednesday, according to figures from the AAA and the Oil Price Information Service. The average Los Angeles County gasoline price is 10.4 cents less than one week ago and 68 cents lower than one month ago, but 74.2 cents more than one year ago.
The Orange County average price dropped to its lowest amount since Sept. 9, decreasing 2.9 cents to $5.328. It has dropped 37 times in 43 days since rising to a record $6.357 on Oct. 5, decreasing $1.029, including 3 cents Wednesday.
The Orange County average gasoline price is 10.1 cents less than one week ago and 65 cents lower than one month ago, but 67.4 cents more than one year ago.
“Gas prices in Southern California have started falling again after stalling a bit last week due to reports that local refineries were placing a greater emphasis on producing diesel and other `distillate’ non-gasoline fuels,” Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, told City News Service.
“Los Angeles wholesale gasoline prices began dropping this week on news of falling demand, according to Oil Price Information Service, while at the same time, gasoline stockpiles have increased once again in Western states according to Wednesday’s U.S. Energy Information Administration report.”
The national average gasoline price dropped for the eighth consecutive day, decreasing 1.8 cents to $3.725. It is 7.8 cents less than one week ago and 16.3 cents lower than one month ago, but 31.2 cents more than one year ago.
The national average price has dropped 8 cents over the past eight days, including 1.6 cents Wednesday, following a run of six increases in seven days totaling 4 cents. It is $1.291 lower than the record $5.016 set June 14.
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