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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Tuesday for the eighth consecutive day and 17th time in 18 days, decreasing 1 cent to $5.242, its lowest amount since April 4.
The average price has dropped 13 cents over the past 18 days, including two-tenths of a cent Monday, according to figures from the AAA and Oil Price Information Service. It dropped nine consecutive days, was unchanged May 6 and resumed dropping the following day.
The average price is 6.3 cents less than one week ago and 14.8 cents lower than one month ago, but 40.1 cents more than one year ago. It has dropped $1.252 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price resumed dropping, decreasing 1.3 cents to $5.157, one day after a run of 24 decreases in 25 days totaling 18.1 cents ended with an increase of two-tenths of a cent. It is at lowest amount since April 3.
The Orange County average price is 5.6 cents less than one week ago and 19 cents lower than one month ago, but 36.3 cents more than one year ago. It has dropped $1.302 since rising to a record $6.459 on Oct. 5, 2022.
The national average price also resumed dropping, decreasing seven- tenths of a cent to $3.612, one day after a three-day streak of decreases totaling 2.3 cents ended when it was unchanged. It is 2.8 cents less than one week ago and 2 cents lower than one month ago, but 7.8 cents higher than one year ago.
The national average price has dropped $1.404 since rising to a record $5.016 on June 14, 2022.
"While pump prices haven't exactly plummeted, we've seen the average price of gasoline drop in a majority of states over the last week as refineries finish maintenance and ramp up output of products like gasoline," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
"With gas prices now nearing a 10-cent drop to the high we saw a few weeks ago, the future looks good as we get closer to Memorial Day; price drops could potentially accelerate after last week's jobs data shows the economy continues to cool off.
"While gas prices stand slightly above where they were last year, I expect most Americans will see prices fall before the holiday weekend, and I'm optimistic the trend could extend into June and beyond. I'm excited to say it does appear that for now, the worst is behind us."