Average LA County gas prices sees largest decrease since at least 2019
LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since at least 2019 Thursday, dropping 6.9 cents to $5.925.
The average price has dropped 15 consecutive days since rising to a record, decreasing 56.9 cents, including 6 cents Wednesday, according to figures from the AAA and Oil Price Information Service.
The average price is 33.2 cents less than one week ago, but 46.5 cents more than one month ago and $1.40 higher than one year ago -- mainly due to a 33-day streak of increases totaling $1.248 that ended Oct. 6.
The Orange County average price also dropped for the 15th consecutive day since rising to a record, decreasing 6.7 cents to $5.785.
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The Orange County average price has dropped 61.2 cents over the past 15 days, including 6.4 cents Wednesday, following a run of 15 increases in 16 days totaling $1.063 that ended Oct. 6. It is 36 cents less than one week ago, but 35.5 cents more than one month ago and $1.286 higher than one year ago.
"Prices are rapidly dropping because the supply and refinery issues that caused them to skyrocket in September and early October were resolved when the state allowed early sales of winter blend gasoline, easing the supply crisis," Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, told City News Service.
"According to the Energy Information Administration's latest data, West Coast gasoline inventories are at a six-week high point, although they are still below the level they were at a year ago."
Gov. Gavin Newsom sent a letter to the California Air Resources Board on Sept. 30 directing it to take whatever steps are necessary 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.
The national average price dropped for the eighth time in nine days, decreasing 1.8 cents to $3.836. It has dropped 8.7 cents over the past nine days, including 1.6 cents Wednesday. The national average price dropped five consecutive days, was unchanged Monday and resumed dropping Tuesday.
The national average price is 7.7 cents less than one week ago, but 16.2 cents more than one month ago and 47.9 cents higher than one year ago. It is $1.18 less than the record $5.016 set June 14.
Copyright 2022, City News Service, Inc.
