LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday to its lowest amount since Feb. 22, decreasing nine-tenths of a cent to $4.83, one day after a four-day streak of decreases totaling 1.5 cents ended with an increase of two-tenths of a cent.
The average price is 2.2 cents less than one week ago, 12 cents lower than one month ago, and $1.236 below what it was one year ago, according to figures from the AAA and the Oil Price Information Service. It has dropped $1.664 since rising to a record $6.494 on Oct. 5.
The Orange County average price dropped to its lowest amount since Feb. 20, decreasing three-tenths of a cent to $4.789, one day after a five-day streak of decreases totaling 1.8 cents ended when it was unchanged.
The Orange County average price is 2.1 cents less than one week ago, 13.9 cents lower than one month ago, and $1.26 below what it was one year ago. It has dropped $1.67 since rising to a record $6.459 on Oct. 5.
The national average price rose one-tenth of a cent to $3.532 following three decreases in four days totaling 1.2 cents. It is one-tenth of a cent more than one week ago, but 14.1 cents less than one month ago and 99.1 cents lower than one year ago.
The national average price has dropped $1.484 since rising to a record $5.016 on June 14.
“Gasoline prices continue to see significant relief from year-ago levels,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from over 150,000 stations. “We’re likely to soon see gasoline prices slip to their largest year-on-year deficit since COVID hit, when prices fell over $1 per gallon from 2019.
“The relief at the pump has been significant, and even though the gas price decline hit pause last week, it’s looking more likely that, barring a major hurricane or series of refinery outages, the national average may not end up hitting the $4 per gallon mark.”