Average gas prices in Los Angeles, Orange counties fall again after setting records

LOS ANGELES (CNS) — The average price for a gallon of self-serve regular gasoline in Los Angeles County on Saturday fell for the third straight day after rising to a record, down 2.8 cents to $6.43.

The average price has fallen 6.4 cents over the past three days, including 3.3 cents on Friday, the biggest daily drop since Aug. 6, according to figures from the AAA and the Oil Price Information Service.

The median price is 1.9 cents down from a week ago, but $1.088 up from a month ago and $1.995 up from a year ago, mainly due to a 33-day streak of gains totaling $1.248, which ended Thursday with a three-drop decline Tenths of cents ended .

Orange County’s median price posted its largest decline since July 14, falling 4.1 cents to $6.358. It’s 7.1 cents down from a week ago, but $1.068 up from a month ago and $1.954 up from a year ago.

Orange County’s median price is also down since rising to a record for three straight days, down 10.1 cents, including 3.7 cents on Friday, after a string of 15 increases in 16 days to total $1.063.

“We are beginning to see pump prices drop because refineries that have been under maintenance are coming back online, winter blend fuel, which is cheaper to produce, will hit the market earlier than November 1, and multiple shipments of gasoline products are on their way to California in the coming weeks,” Doug Shupe, corporate communications manager for the Automobile Club of Southern California, told City News Service.

“All of these factors will put pressure on prices at the pump, but we don’t know how much prices will fall or how quickly they will fall.”

The national median price rose 1.3 cents to $3,904 for the 17th time in 18 days. The average price is up 23 cents over the last 18 days, including 2.4 cents on Friday. It rose for 11 consecutive days, falling four-tenths of a cent on Sunday and rising again on Monday.

The national median price is 10.4 cents higher than a week ago, 15.3 cents higher than a month ago and 64.4 cents higher than a year ago.

The national median price is $1,112 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.

Copyright 2022, City News Service, Inc.

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https://abc7.com/gas-prices-station-gasoline-los-angeles-county/12306141/ Average gas prices in Los Angeles, Orange counties fall again after setting records

Laura Coffey

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