Southern California Gas Prices Drop for Fifth Day in a Row

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped 1.1 cents on Tuesday to $6.407, marking the fifth straight day of decreases. This follows a 44-day streak of increases that nearly matched the record high of $6.493 set on October 5, 2022. Compared to a week ago, prices are down 1.5 cents, but they remain 51 cents higher than a month ago and $1.68 more than a year ago. The conflict between the U.S., Israel, and Iran has driven up oil prices, contributing to a $1.713 increase in gas prices since February 28.

In Orange County, the average price fell 2 cents to $6.354, also the fifth consecutive decrease. Prices had risen for 42 days, getting close to the record high of $6.458. Similar to Los Angeles County, prices are 4.6 cents lower than a week ago but 48 cents higher than a month ago and $1.656 more than a year ago. The conflict has pushed prices up by $1.718 since its start.

The recent drops in prices are due to California Governor Gavin Newsom's announcement that cheaper winter-blend gasoline could be sold immediately, rather than waiting for the usual November 1 date. Nationally, the average gas price increased slightly by three-tenths of a cent to $4.368 after a 10-day streak of decreases. It is now 8.7 cents lower than a week ago but 22.1 cents higher than a month ago and $1.235 more than a year ago. The national average has risen $1.386 since the conflict began.

Patrick De Haan, head of petroleum analysis at GasBuddy, noted that gasoline and diesel prices fell in 48 states over the past week, providing relief to motorists. However, he cautioned that some markets might see an upward swing in prices soon. He also mentioned that while oil shipments through the Strait of Hormuz are increasing, refineries are not yet fully operational, keeping gasoline and diesel prices elevated.