Average gas prices in LA and Orange counties remain stable despite OPEC+ production cuts

LOS ANGELES (KABC) — A 33-day streak of increases that took the average price of a gallon of regular gasoline in Los Angeles County to record levels on each of the last three days ended Thursday down three-tenths of a cent to $6,491.

The average price rose $1,248 over the past 33 days, including half a cent on Wednesday, according to figures from the AAA and the Oil Price Information Service. It’s 23 cents up from a week ago, $1.20 up from a month ago and $2.065 up from a year ago.

The streak of gains followed a string of 78 declines in 80 days to a total of $1.216 that began on June 15, a day after the average price rose to a then-record $6.462.

Orange County’s median price fell 2.3 cents to $6.436 after rising 15 of the previous 16 days and setting records on Tuesday and Wednesday. It is up $1.063 over the past 16 days, including 1.4 cents on Wednesday.

The median price in Orange County is 18.5 cents more than a week ago, $1,198 more than a month ago and $2,041 more than a year ago.

The national median price rose 3.6 cents to $3,867 for the 15th time in 16 days. The average price is up 19.3 cents over the last 16 days, including 2.6 cents on Wednesday. It rose for 11 consecutive days, falling four-tenths of a cent on Sunday and rising again on Monday.

The national average price is 8.5 cents higher than a week ago, 8.8 cents higher than a month ago and 64.6 cents higher than a year ago. The national median price is $1,149 below the record price of $5,016 set on June 14th.

The streak of increases follows a 98-day streak of declines totaling $1,342 that began the day after the record was set.

The slight price drop comes after OPEC+, an alliance of oil-exporting countries around the world, announced it would cut oil production by 2 million barrels a day from November.

That raised concerns that the move would push U.S. gas prices even higher, but AAA says there will be no impact from this decision any time soon.

“The OPEC announcement may make a difference to California gas prices over the long term, but the immediate impact won’t be as great just because we’re already paying record prices at the pump,” said Marie Montgomery of the Southern California Auto Club.

President Joe Biden said the timing of OPEC’s decision was not accidental but a ruse by the leaders of Russia and Saudi Arabia.

Gov. Gavin Newsom also voiced his criticism of oil companies on Thursday, saying they rip off drivers.

Newsom is now calling for a new tax on oil companies that he says would put money back in our pockets, but no further details were given.

Meanwhile, Californians could receive up to $1,500 in gas aid funds starting Friday.

California’s middle-class tax refund payments are due this week. See when you get paid

The City News Service contributed to this report.

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https://abc7.com/gas-prices-oil-production-la-county-orange/12300231/ Average gas prices in LA and Orange counties remain stable despite OPEC+ production cuts

Laura Coffey

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