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Business Nov 24, 2022
LA-area traffic. | Photo courtesy of Myriam Thyes/Wikimedia Commons (CC BY-SA 3.0)
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By STEVEN HERBERT
The average gasoline prices of a gallon of self-serve regular gasoline in Los Angeles and Orange counties were at their highest amounts for a Thanksgiving Thursday despite dropping nearly every day over the past 50 days.
The Los Angeles County average price of $5.179 erases the previous Thanksgiving high of $4.712 set last year, according to figures from the AAA and the Oil Price Information Service. The Orange County average price of $5.06 tops the previous Thanksgiving high of $4.681 also set last year.
The record-setting Thanksgiving gasoline prices are the result of the higher crude oil prices caused by Russia’s invasion of Ukraine and inflation, Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, told City News Service.
The Los Angeles County average price dropped 3.4 cents Thursday to its lowest amount since March 4. It has dropped 47 times in 50 days since rising to a record $6.494 on Oct. 5, decreasing $1.315. The Los Angeles County average price is 24.8 cents less than one week ago and 62.2 cents lower than one month ago, but 47.3 cents more than one year ago.
The Orange County average price dropped 4 cents Thursday to its lowest amount since March 3. It has dropped 44 times in 50 days since rising to a record $6.357 on Oct. 5, decreasing $1.297. The Orange County average price is 26.8 cents less than one week ago and 61.6 cents lower than one month ago, but 38.4 cents more than one year ago.
The national average gasoline price dropped for the 15th consecutive day, decreasing 2.3 cents to $3.586. It is 13.9 cents less than one week ago and 20.7 cents lower than one month ago, but 18.8 cents more than one year ago.
The national average price has dropped 21.9 cents over the past 15 days, including 2.7 cents Wednesday. It is $1.43 lower than the record $5.016 set June 14.
