The average price of self-serve regular gasoline in Los Angeles County saw a decrease on Tuesday, dropping by 1.1 cents to $5.305, marking the 10th decline in the past 11 days. This follows a nine-day streak of decreases, totaling 5.6 cents, which ended with no change the previous day.
Compared to one week ago, the average price is now 5.3 cents lower and 1.6 cents lower than one month ago. However, it remains 44.1 cents higher than the same time last year. Since reaching a record high of $6.494 on October 5, 2022, the average price has dropped by $1.189.
In Orange County, the average price of gasoline has decreased for the 12th consecutive day and the 19th time in 20 days. It dropped by 1.4 cents to $5.213, showing a decline of 13.6 cents over the past 20 days. This comes after a minor decrease of six-tenths of a cent on Monday.
Compared to the previous week, the Orange County average price is now 6.8 cents lower, and it’s 8.4 cents lower than one month ago. However, it remains 40.6 cents higher than one year ago. Similar to Los Angeles County, the average price in Orange County has seen a significant decrease since reaching a record high of $6.459 on October 5, 2022, dropping by $1.246.
Nationally, the average price of gas has declined for the fifth consecutive day, decreasing by 1.1 cent to $3.64. Over the past five days, it has dropped by 3.1 cents, including a minor decrease of two-tenths of a cent on Monday. Despite this recent decline, the national average price remains 1.7 cents lower than the previous week, but 4.7 cents higher than one month ago and 10 cents higher than one year ago. Since reaching a record high of $5.016 on June 14, 2022, the national average price has dropped by $1.376.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributed the slight decrease in national average prices to the cooling of oil prices and the conclusion of the spring peak. He noted that oil prices fell below $80 per barrel last week, contributing to the downward pressure on gasoline prices. Additionally, concerns about weak gasoline demand, following a weaker-than-expected jobs report, could keep prices subdued through the upcoming summer driving season. Looking ahead, De Haan expects gasoline prices to continue cooling alongside diesel prices as Memorial Day weekend approaches.
