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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Sunday for the 11th consecutive day, decreasing seven-tenths of a cent to $4.879.
The average price has dropped 8.2 cents over the past 11 days, including 1.2 cents Saturday, following a 35-day streak of increases totaling 39.7 cents, according to figures from the AAA and Oil Price Information Service. It is 6.8 cents less than one week ago and $1.087 lower than one year ago, but 7.1 cents more than one month ago.
The average price has dropped $1.615 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price also dropped for the 11th consecutive day, decreasing seven-tenths of a cent to $4.827. It has fallen 10.6 cents over the past 11 days, including 1.9 cents Saturday, its largest decrease since Dec. 17.
The Orange County average price is 7.9 cents less than one week ago and $1.095 lower than one year ago, but 5.2 cents more than one month ago. It has dropped $1.632 since rising to a record $6.459 on Oct. 5.
The national average price dropped for the fifth time in six days, decreasing three-tenths of a cent to $3.446. It has fallen 2.7 cents over the past six days, including eight-tenths of a cent Saturday.
The national average price is 2.6 cents less than one week ago and 81.6 cents lower than one year ago, but 3.3 cents more than one month ago. It has dropped $1.57 since rising to a record $5.016 on June 14.
With the global oil price plunging into the low-to-mid $60 per-barrel range for the first time since August 2021 and the fact that "the cost of oil accounts for 55% of what we pay for gas, it's fair to wonder how soon prices will drop at the pump," said Andrew Gross, an AAA national public relations manager.
"Gas stations paid for the fuel that is in their underground tanks weeks ago, when oil was nearly $15 more a barrel," Gross said. "So it will take time for any savings due to cheaper oil to be seen at the pump and that is assuming the oil price does not rise again."