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Business Mar 25, 2023
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By Steven Herbert
A 16-day streak of decreases to the average price of a gallon of self-serve regular gasoline in Los Angeles County totaling 11.2 cents ended Saturday with an increase of four-tenths of a cent to $4.853.
The average gasoline price is 3.3 cents less than one week ago and $1.204 lower than one year ago but 1.4 cents more than one month ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.641 since rising to a record $6.494 on Oct. 5.
The streak of decreases followed a 35-day streak of increases totaling 39.5 cents.
A 16-day streak of decreases to the Orange County average gasoline price totaling 13.3 cents ended with an increase of four-tenths of a cent to $4.804. It is 3 cents less than one week ago, three-tenths of a cent lower than one month ago and $1.21 below what it was one year ago.
The Orange County average price has dropped $1.655 since rising to a record $6.459 on Oct. 5.
“According to Oil Price Information Service, the U.S. Energy Information’s Wednesday report revealed that West Coast refineries are now at their highest utilization rate in three months,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, said in a statement.
“Oil prices are at their lowest level since December 2021, so that has also helped to drive down gas prices locally. However, a supply issue with Arizona gasoline could end up affecting Southern California prices, since local refineries produce some Arizona gasoline and some of their production could be diverted to alleviate that supply issue.”
The national average gasoline price dropped one-tenth of a cent to $3.44 after rising a half-cent over the previous two days. It is nine-tenths of a cent less than one week ago and 80.3 cents lower than one year ago but 6.7 cents more than one month ago.
The national average price has decreased $1.576 since rising to a record $5.016 on June 14.
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