Photo: Getty Images
LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Saturday for the 23rd consecutive day, decreasing 4.6 cents to $4.888, its lowest amount since Feb. 28.
The average price has decreased 56 times in the 59 days since rising to a record $6.494 on Oct. 5, falling $1.606, including 3.8 cents Friday, according to figures from the AAA and the Oil Price Information Service. It is 25.8 cents less than one week ago and 65 cents lower than one month ago, but 19.2 cents more than one year ago.
The Orange County average price dropped for the 22nd consecutive day, decreasing 5.6 cents to $4.762, its lowest amount since Feb. 19. It is 26.3 cents less than one week ago and 65.2 cents lower than one month ago, but 9.6 cents more than one year ago.
The Orange County average price has decreased 56 times in 59 days since rising to a record $6.357 on Oct. 5, falling $1.595, including 3.5 cents Friday.
"Despite a record number of Southern California travelers hitting the road for Thanksgiving, average pump prices have dropped below $5 a gallon for the first time since early March," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager. "Oil Price Information Service reports a substantial drop in demand statewide and high unleaded gas inventories. This week Los Angeles wholesale gasoline prices reached their lowest level of 2022, and if that trend holds, we should see additional pump price reductions."
The least expensive gas station prices are about $4.10 a gallon, "so it's possible we will see stations charging less than $4 a gallon soon," Shupe said.
The national average price dropped for the 24th consecutive day, decreasing 2.3 cents to $3.425. It is 14.1 cents less than one week ago and 35.3 cents lower than one month ago, but 5.5 cents more than one year ago. The national average price has dropped 38 cents over the past 24 days, including 2.2 cents Friday. It is $1.591 lower than the record $5.016 set June 14.