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Business Dec 16, 2022
| Photo courtesy of Tom Fassbender/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 dropped Friday to its lowest amount since Oct. 19, 2021, decreasing 3.1 cents to $4.512.
The average gas price has dropped 36 consecutive days, decreasing $1.019, including 2.2 cents Thursday, according to figures from the AAA and the Oil Price Information Service. It has fallen 69 times in 72 days since rising to a record $6.494 on Oct. 5, decreasing $1.982.
The average price is 18 cents less than one week ago, 95.1 cents lower than one month ago and 16.5 cents below what it was one year ago.
The Orange County average price dropped to its lowest amount since Oct. 4, 2021, decreasing 2.9 cents to $4.385, 17.7 cents less than one week ago, 97.2 cents lower than one month ago and 26 cents below what it was one year ago.
The Orange County average price has dropped for 35 consecutive days, decreasing $1.051, including 2.8 cents Thursday. It has fallen 69 times in 72 days since rising to a record $6.357 on Oct. 5, decreasing $1.972.
“Oil Price Information Service reports that according to the California Energy Commission, the state’s refinery production of gasoline has dropped for the fourth straight week and fuel stockpiles are now lower, but so is demand,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“Even with lower production, Los Angeles and San Francisco wholesale gasoline prices are now lower than New York, so there should be further pump price drops ahead as long as that trend holds.”
The national average gas price dropped for the 37th consecutive day, decreasing 1.5 cents to $3.178, 13.7 cents less than one week ago, 56.5 cents lower than one month ago and 13.8 cents below what it was one year ago.
The national average price has dropped 62.8 cents over the past 37 days, including 2.1 cents Thursday. It is $1.838 lower than the record $5.016 set June 14.
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