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Business Oct 21, 2023
The evolution of gas pumps. | Photo courtesy of mark6mauno/Flickr (CC BY 2.0)
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The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Saturday for the 22nd consecutive day, decreasing 3.6 cents to $5.595.
The average price has dropped 72 cents over the past 22 days, including 3.5 cents Friday, according to figures from the AAA and Oil Price Information Service. The decreasing prices follow a run of 23 increases in 25 days totaling 91.8 cents.
The average price is 21.6 cents less than one week ago, 46.5 cents less than one month ago and 27.7 cents cheaper than one year ago. It has dropped 89.9 cents since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price also dropped for the 22nd consecutive day, decreasing 4.4 cents to $5.401. It has dropped 88.7 cents over the past 22 days, including 4.3 cents Friday.
The Orange County average price is 21 cents less than one week ago, 61.1 cents lower than one month ago and 35.2 cents cheaper than one year ago. It has dropped $1.058 since rising to a record $6.459 on Oct. 5, 2022.
Like LA and OC, Riverside County’s average gasoline price dropped for the 22nd consecutive day, decreasing 3.4 cents to $5.454.
The average price has dropped 69.7 cents over the past 22 days, including 4.3 cents Friday. The decreases follow a run of 22 increases in 24 days totaling 86.6 cents.
The Riverside County average price is 19.7 cents less than one week ago, 44 cents lower than one month ago and 27.7 cents cheaper than one year ago. It has dropped 91.9 cents since rising to a record $6.373 on Oct. 5, 2022.
The decreasing prices stem from Gov. Gavin Newsom sending a letter to the California Air Resources Board on Sept. 28 directing it to allow refineries to begin making and distributing winter-blend gasoline, which is cheaper to produce.
Stations normally cannot start selling winter blend gas until Nov. 1.
“Local gas prices still have plenty of room to move downward because of the early introduction of ‘winter blend’ gasoline, which was approved late last month by the state to help alleviate a supply crisis,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, said in a statement. “Today’s average prices are about 30 cents higher than during the Labor Day holiday weekend and more than $1.50 a gallon higher than at the beginning of this year.”
The national average price dropped for the 23rd consecutive day and 31st time in the last 33 days, decreasing four-tenths of a cent to $3.554. It has dropped 32.7 cents over the past 33 days, including seven-tenths of a cent Friday.
The national average price is 5.5 cents less than one week ago, 31.3 cents less than one month ago and 26.6 cents less than one year ago. It has dropped $1.462 since rising to a record $5.016 on June 14, 2022.
“While gas prices are falling about a penny a day, that feels like a glacial pace,” Andrew Gross, an AAA national public relations manager, said in a statement. “The oil market is watching to see if the war between Israel and Hamas widens, so the price is stuck at a rather elevated price in the mid-$80s per barrel. This, in turn, is slowing the decline in gas prices.”
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