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Business Nov 19, 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 gasoline in Los Angeles County recorded its largest decrease since Oct. 22 Saturday, dropping 4.1 cents to $5.351, its lowest amount since Sept. 8.
The average price has dropped 42 times in 45 days since rising to a record $6.494 on Oct. 5, decreasing $1.143, including 3.5 cents Friday, according to figures from the AAA and the Oil Price Information Service. It is 17 cents less than one week ago and 64.3 cents lower than one month ago, but 66 cents more than one year ago.
The Orange County average gasoline price also recorded its largest decrease since Oct. 22, dropping 4.7 cents to $5.24, its lowest amount since Sept. 6. It has dropped 39 times in 45 days since rising to a record $6.357 on Oct. 5, decreasing $1.117, including 4.1 cents Friday.
The Orange County average price is 17.5 cents less than one week ago and 61.2 cents lower than one month ago, but 57.5 cents more than one year ago.
“Last week, Southern California gas prices stopped dropping on news of lower inventories, but that situation seems to have been resolved in combination with reports of lower fuel demand,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“The Auto Club is projecting an all-time record number of 4.5 million Southern California Thanksgiving travelers next week, with 3.9 million of them driving to their destinations, so demand will likely increase in the coming days.”
The national average price dropped for the 10th consecutive day, decreasing 2.3 cents to $3.684. It is 9.9 cents less than one week ago and 17 cents lower than one month ago, but 27.1 cents more than one year ago.
The national average price has dropped 12.1 cents over the past 10 days, including 1.8 cents Friday, following a run of six increases in seven days totaling 4 cents. It is $1.332 lower than the record $5.016 set June 14.
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