Average LA County gas price drops below $5 a gallon for first time since late July

LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped under $5 for the first time since July 25 Tuesday, decreasing 1.7 cents to $4.983.

The average price has fallen 59 of the past 60 days, decreasing $1.332, including six-tenths of a cent Monday, according to figures from the AAA and Oil Price Information Service. It is 8.1 cents less than one week ago, 43.8 cents lower than one month ago and 13.1 cents cheaper than one year ago.

The average price has decreased $1.511 since rising to a record $6.494 on Oct. 5, 2022.

The Orange County average price dropped for the 28th time in 29 days, decreasing 1.5 cents to $4.832, its lowest amount since June 30. It has dropped 38.3 cents over the past 29 days, including two-tenths of a cent Monday.

The Orange County average price is 8.1 cents less than one week ago, 39.1 cents lower than one month ago and 17.1 cents cheaper than one year ago. It has dropped $1.627 since rising to a record $6.459 on Oct. 5, 2022.

"We continue to see gas price averages move lower because of ample supply, and the market is continuing its recovery from the September price spike," Doug Shupe, the Automobile Club of Southern California's corporate communications manager, told City News Service.

"Also, November, December and January are typically the months when we see the lowest prices for gasoline since the winter months experience the lowest demands of the year."

The national average price dropped for the 61st consecutive day, falling four-tenths of a cent to $3.246. It has dropped 58.9 cents over the past 61 days, including three-tenths of a cent Monday.

The national average price is 4.9 cents less than one week ago, 25.7 cents lower than one month ago and 30 cents cheaper than one year ago. It has dropped $1.77 since rising to a record $5.016 on June 14, 2022.