LOS ANGELES (CNS) - The run of 23 increases in 25 days totaling 91.8 cents that boosted the average price of a gallon of self-serve regular gasoline in Los Angeles County to its highest amount since Oct. 11 ended Saturday when it dropped seven-tenths of a cent to $6.308.

The decrease stems from Gov. Gavin Newsom sending a letter to the California Air Resources Board late Thursday directing it to allow refineries to begin making and distributing winter-blend gasoline, which is cheaper to produce. Stations normally cannot start selling winter blend gas until Nov. 1.

"Spot gasoline markets collapsing today in California as a result of the CARB waiver.... down 84 cents per gallon for the LA/SoCal market and AZ gasoline produced in CA," Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, wrote on X, formerly known as Twitter, just before noon Friday.

"If this holds, this means that later tonight stations will be paying FAR less and will then slowly start passing it on. other stations won't budge for a few days until they sell through more of their expensive gasoline... mid next week, declines ramp up across CA, AZ, NV."

The average price rose 16 consecutive days, dropped nine-tenths of a cent Sept. 21 and 2.3 cents Sept. 22, then resumed increasing last Saturday. It is 23.8 cents more than one week ago and 93.8 cents higher than one month ago but 7.5 cents less than one year ago when the average price was approaching a record.

The average price has dropped 18.6 cents since rising to a record $6.494 on Oct. 5, according to figures from the AAA and Oil Price Information Service.

The Orange County average price dropped 1.5 cents to $6.237, ending a run of 26 increases in 28 days totaling 97.2 cents. It is 24.7 cents more than one week ago and 95.6 cents higher than one month ago but 11.3 cents less than one year ago.

The Orange County average price has dropped 18.6 cents since rising to a record $6.459 on Oct. 5.

The national average price dropped for the 10th time in 12 days, decreasing nine-tenths of a cent to $3.823. It has dropped 5.8 cents over the past 12 days, including three-tenths of a cent Friday.

The national average price is 2.8 cents less than one week ago and four-tenths of a cents lower than one month ago but 2.6 cents more than one year ago. It has dropped $1.193 since rising to a record $5.016 on June 14, 2022.

Fork Report