Average LA County gas price drops to lowest amount since February 2023

Saturday, January 13, 2024
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The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Saturday to its lowest amount since Feb. 4, decreasing nine-tenths of a cent to $4.641.

The average price has dropped 10 times in 11 days, decreasing 11.9 cents, including 1.7 cents Friday, according to figures from the AAA and Oil Price Information Service. The run of decreases follows a run of nine increases in 11 days totaling 7 cents.

The average price is 9.3 cents less than one week ago and 16 cents lower than one month ago but 13.8 cents more than one year ago. It has dropped $1.853 since rising to a record $6.494 on Oct. 5, 2022.

The Orange County average price dropped to its lowest amount since Feb. 2, decreasing 2 cents to $4.529. It has dropped 10 consecutive days, decreasing 13.4 cents, including 1.8 cents Friday. The streak of decreases follows a run of 11 increases in 12 days totaling 12.5 cents.

Consumer prices rose 3.4% in December compared to a year ago, accelerating markedly from the previous month and defying a smooth path down to normal levels, a report from the Bureau of Labor Statistics released on Thursday showed.

The Orange County average price is 10.6 cents less than one week ago and 9.4 cents lower than one month ago but 9.9 cents more than one year ago. It has dropped $1.93 since rising to a record $6.459 on Oct. 5, 2022.

The national average price dropped for the 17th time in 19 days, decreasing three-tenths of a cent to $3.071. It has dropped 5.6 cents over the past 19 days, including three-tenths of a cent Friday. It dropped 14 consecutive days, rose one-tenth of a cent Tuesday, was unchanged Wednesday then resumed dropping Thursday.

The national average price is 1.2 cents less than one week ago, 5 cents lower than one month ago and 21.4 cents below what it was one year ago. It has dropped $1.945 since rising to a record $5.016 on June 14, 2022.

"I wouldn't bet the farm on the national average reaching $3 a gallon, even if we are tantalizingly close," said Andrew Gross, AAA national public relations manager.

"The mid-winter blahs will likely keep pump prices waffling a few cents up and down for the immediate future. But keep an eye on frigid temps because those can affect refinery production, pushing some regional pump prices higher."