After a relentless streak of increases, Southern California drivers are seeing a few cents shaved off gas prices, though the overall cost remains near record levels. The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped four-tenths of a cent Sunday, settling at $6.42. This marked its third consecutive slight decrease, following an unbroken 44-day run of price hikes. These figures, which come from the AAA and Oil Price Information Service, show the current average is still just 5.4 cents below the county's all-time record of $6.493, set on October 5, 2022.
Looking back, the Sunday average in Los Angeles County is 2 cents more than it was one week ago, 56.3 cents higher than one month ago, and a substantial $1.699 more expensive than one year ago. Since February 28, the start of what the reporting identified as the joint U.S./Israel war on Iran, prices in the county have surged by $1.726, a period that saw oil prices climb and accelerate increases at the pump.
Neighboring Orange County experienced a similar pattern. Its average price fell by nine-tenths of a cent Sunday to $6.376, also its third consecutive minor decrease. This followed a 42-day stretch of increases over a 44-day period, pushing the average within 5.3 cents of its own record high of $6.458, also set on October 5, 2022. For Orange County residents, the current average is nine-tenths of a cent less than a week ago, but 53.9 cents higher than a month ago and $1.685 more than one year ago. The county has seen an increase of $1.74 since the start of the war on Iran.
Analysts had predicted that California's gas prices would begin to recede slightly after Governor Gavin Newsom announced last Monday that cheaper winter-blend gasoline could be sold immediately at stations across the state.
Nationally, the average price of gasoline has been on a downward trend for its ninth consecutive day, decreasing 1.1 cents to $4.369. This brings the total national drop to 12.2 cents over the past nine days, including a 1.6-cent decrease on Saturday. The national average is now 11 cents less than one week ago, though it remains 22.2 cents higher than one month ago and $1.229 more than one year ago. Since what was described as the attack on Iran, the national average has increased by $1.387.
Despite the recent local and national dips, the broader picture remains elevated. The AAA noted Thursday that while "Crude oil prices have dipped back into the $90 per barrel range," leading to a lower national average, overall gas prices across the country are still the highest they've ever been for this time of year.
