Cheaper gas? Drivers in Inglewood seeing gas prices dipping below $5

A management company told Eyewitness News it expects to drop the price at all 22 of its SoCal gas stations within days.
LOS ANGELES (KABC) -- Drivers in parts of Inglewood are hearing two words they haven't heard in a while: Cheaper gas.

The price of a gallon of self-serve regular gasoline dropped below $5.

An Arco gas station at Crenshaw and Century boulevards is one of nearly a dozen run by Veer Management with regular unleaded gasoline selling for $4.99 a gallon.

"I thought I was dreaming when I saw the $4.99," said Okechukwu Mbagwu. "I wish it would go lower. That would help the people a lot."

The company told Eyewitness News it expects to drop the price at all 22 of its stations within days.

"Trying to support the local community, and with the support of Arco, we're making as much of a difference as possible," said Kevin Bibayan with Veer Management.

Topping off the tank has been taking a big bite out of budgets since prices skyrocketed in the last few months.

Experts said two key factors that are keeping prices elevated include concerns over less Russian oil entering the market and the massive COVID-induced economic slowdown in China, the world's leading oil consumer.

"We're not going to see a major change at the pump in the near future ... consumers shouldn't expect any major drops anytime soon," said Doug Shupe with the Automobile Club of Southern California.

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped four-tenths of a cent Tuesday to $5.781, one day after decreasing three-tenths of a cent.

The back-to-back decreases totaling seven-tenths of a cent follow back-to-back increases totaling six-tenths of a cent, according to figures from the AAA and Oil Price Information Service.

The Orange County average price dropped 1 cent to $5.714 one day after decreasing four-tenths of a cent. It is 3.8 cents less than one week ago and 31.3 cents lower than one month ago but $1.706 more than one year ago.

Price drops "have slowed substantially (because) gas demand in California is better than expected and West Coast gasoline stockpiles are down,'' Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, told City News Service, citing information from the Oil Price Information Service.

City News Service, Inc. contributed to this report.

Copyright © 2022 KABC Television, LLC. All rights reserved.