Gas prices fall in Los Angeles, Orange counties for 32nd consecutive day

City News Service
Saturday, July 16, 2022
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ABC7 Eyewitness News

The average price of a gallon of self-serve regular gasoline in Los Angeles County fell back below $6 on Saturday, dropping 3.3 cents to $5.988 for its 32nd consecutive decrease and 33rd in the last 34 days.

The average price has dropped 47.2 cents over the past 34 days, including 3.9 cents Friday, and is the lowest it's been since May 15, according to figures from the AAA and the Oil Price Information Service. It is 18.7 cents less than one week ago and 46.6 cents lower than one month ago, but $1.64 more than one year ago.

The run of dropping prices follows an 18-day streak of increases totaling 36.9 cents that pushed prices to record highs.

The Orange County average price also decreased for the 32nd consecutive day and 33rd time in 34 days, also dropping 3.3 cents to $5.877, its lowest amount since May 13. It has decreased 53.3 cents over the past 34 days, including 3.9 cents Friday. The run of dropping prices follows a 17-day streak of increases totaling 35.1 cents.

The Orange County average price is 20.3 cents less than one week ago and 51.8 cents lower than one month ago, but $1.567 more than one year ago.

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"Both oil prices and Los Angeles wholesale gasoline prices have dropped significantly because of concerns about future demand," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager. "If current trends continue, local gas prices are likely to drop even more significantly."

The national average price dropped for the 32nd consecutive day following an 18-day streak of increases, decreasing 2.9 cents to $4.548. It has dropped 46.8 cents over the past 32 days, including 2.8 cents Friday, after rising 41.5 cents during the 18-day streak of increases.

The national average price is 14.8 cents less than one week ago and 46.1 cents lower than one month ago, but $1.385 more than one year ago.