Gas Prices Take a Friendly Dip in Los Angeles and Orange Counties

News Summary

Residents of Los Angeles and Orange County are rejoicing as gas prices see a notable decline. The average price per gallon in Los Angeles County has dropped by 1.5 cents to $4.688, marking the steepest drop since August. This is the 14th decrease in just 15 days, bringing relief to drivers. Orange County is experiencing similar trends, with prices falling by 1 cent to $4.65. Nationwide, average gas prices are also on the decline, highlighting a shift in fuel costs driven by economic factors and OPEC+ production plans.

Gas Prices Take a Friendly Dip in Los Angeles and Orange Counties

Hey there, Los Angeles and Orange County residents! If you’ve been filling up your gas tank lately, you might have noticed a little joy at the pump—prices are finally going down! That’s right, the average price of a gallon of self-serve regular gas in Los Angeles County has decreased by 1.5 cents, bringing the total down to $4.688. This is the steepest drop we’ve seen since August 6, making it a pretty good time for those road trips!

A Steady Drop

This latest shift marks the 14th decrease in just 15 days, with gas prices dropping a total of 9.6 cents over that fortnight. Talk about a win for our wallets! The price tumbled for six continual days before experiencing a tiny blip upwards of four-tenths of a cent on March 3, but don’t worry, it quickly resumed its downward trajectory. Right now, prices are 5.4 cents lower than just a week ago and a cool 25 cents lower compared to a year earlier. However, they are slightly 7-tenths of a cent higher than they were a month back.

Here’s an impressive fact: since hitting a record high of $6.494 on October 5, 2022, the average price has fallen by a whopping $1.806. That’s a relief for many drivers who remember the painful days of sky-high prices!

Orange County Joins the Party

Just a hop down the road in Orange County, gas prices aren’t staying behind in the savings department. The average price there has dropped by 1 cent to $4.65, following a trend of 13 decreases in 14 days that have totaled a nifty 9 cents. If you’re concerned about your budget, know that the current price is 5.8 cents lower than what it was just last week and 23.6 cents lower than this time last year. Just like in Los Angeles, the price in Orange County has plummeted by $1.809 since reaching its peak of $6.459 on October 5, 2022.

National Trends Show Similar Decreases

0.8 cents to $3.081. When looking at a week’s timeline, that’s a decrease of 1.8 cents, and it’s 6 cents less than what fuel costs were a month ago. Even compared to last year, drivers are enjoying a 31.6 cents savings!

To put things in perspective, the average U.S. gas price has plunged by $1.935 since it peaked at $5.016 on June 14, 2022.

What’s Driving These Changes?

OPEC+ is planning to gradually ramp up oil production after some significant cuts previously, which also helps keep those prices in check. Interestingly, we haven’t seen the customary seasonal rise in gas prices just yet, hinting that this year might see a more moderate increase compared to what we might typically expect.

Conclusion

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Additional Resources

• My News LA
• FOX LA
• SFGATE
• ABC7
• NBC Los Angeles
• Wikipedia: Gasoline
• Google Search: Gas Prices California
• Google Scholar: Gas Prices California
• Encyclopedia Britannica: Gasoline
• Google News: California Gas Prices