After a fire last week that halted operations at one of California’s largest oil refineries and prompted expectations of higher pump prices, higher fuel inventories have stabilized the the average cost of a gallon of gas.
Experts indicated this week that the Oct. 2 fire at Chevron’s El Segundo oil refinery, the second largest in the state, may not affect gasoline prices as some analysts initially predicted.
The average price of a gallon of self-serve regular gas in Los Angeles County decreased four-tenths of a cent Friday to $4.724, according to data from AAA and Oil Price Information Service. The drop was the third consecutive decrease following four straight increases that totaled 1.1 cents.
The average price has decreased nine-tenths of a cent over the last three days, including four-tenths of a cent Thursday. The price is three-tenths of a cent higher than a week ago, 4.1 cents higher than a month ago and 14.4 cents greater than at the same time last year.
The average price has dropped $1.772 since reaching a record $6.493 on Oct. 5, 2022.
The Orange County average price dropped a half-cent to $4.696. On Thursday, a five-day streak of increases totaling 1.7 cents ended with a drop of four-tenths of a cent. OC’s average is eight-tenths of a cent higher than a week ago, 4.6 cents more than one month ago and 18.3 cents more than one year ago.
The Orange County average price is $1.762 less than the record $6.458 set Oct. 5, 2022.
“According to Oil Price Information Service and the California Energy Commission, gasoline inventories are higher than they were at this time a year ago, and supply has not yet been impacted by the El Segundo refinery fire,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, said in a statement.
“Also according to OPIS, Chevron filed a report with the state indicating the fire mainly damaged a unit that processes jet fuel. A Chevron spokesperson also stated they would be making operational adjustments’ to resume refinery production to meet fuel demand,” Shape said.
In Riverside County, the average price dropped two-tenths of a cent Saturday to $4.611. It is eight-tenths of a cent higher than one week ago, 6.5 cents higher than a month ago and 16.9 cents more than one year ago, according to the AAA and the Oil Price Information Service.
Riverside County’s average has dropped $1.762 since a record $6.373 on Oct. 5, 2022.
The national average price posted the eighth decrease in nine days, dropping 1 cent to $3.10. The national price has decreased 6 cents during the past nine days, including a half-cent Thursday.
The run began with four consecutive decreases, then the national average price was unchanged Monday and resumed decreasing Tuesday. It is 5.2 cents less than one week ago, 9.3 cents lower than one month ago and 11.2 cents below the year-ago level.
The national average gasoline price has dropped $1.916 since reaching a record $5.016 June 14, 2022.
