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Business Jun 13, 2023
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The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped two-tenths of a cent Tuesday to $4.966, a day after decreasing six-tenths of a cent and ending a five-day streak of increases.
The average gasoline price is 3.4 cents more than one week ago and 12.2 cents higher than one month ago, but $1.493 less than one year ago. It has dropped $1.528 since rising to a record $6.494 on Oct. 5, according to figures from the AAA and the Oil Price Information Service..
The Orange County average price dropped eight-tenths of a cent to $4.902, a day after it decreased a half-cent and ended a four-day streak of increases totaling 4.1 cents that boosted the Orange County average price to its highest amount since April 19.
It is 2.5 cents more than one week ago and 10.6 cents higher than one month ago, but $1.506 less than one year ago. The Orange County average price has dropped $1.557 since rising to a record $6.459 on Oct. 5.
The national average gasoline price dropped two-tenths of a cent to $3.592, a day after it rose four-tenths of a cent. It has risen 4.7 cents over the past seven days, including four-tenths of a cent Monday.
The national average price is 5.5 cents higher than one month ago but $1.422 less than one year ago. It has dropped $1.432 since rising to a record $5.016 on June 14.
“With the Fed meeting this week to potentially alter interest rates again, we could see some turbulence in oil markets, potentially impacting states where gas prices were quiet this week, while the states that saw a big jump last week could see some moderate relief in the week ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
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