The average price of a gallon of self-serve regular gasoline in Los Angeles County reached its highest level to end a year, despite a recent trend of decreasing prices. On Sunday, the average price rose by two-tenths of a cent, bringing it to $4.755. This surpasses the previous year-end high of $4.68 set in 2021, according to the AAA and Oil Price Information Service.
In the past nine days, the average price has risen eight times, with a total increase of 6.5 cents. The run of rising prices began shortly after the streak of decreases ended on December 18th when the average price remained unchanged.
Compared to a week ago, the average price is now 4.5 cents higher and 26.9 cents higher than it was at the same time last year, which was $4.486. However, the current average price is 19.5 cents lower than it was one month ago. It has also dropped significantly since reaching a record high of $6.494 on October 5th, 2022.
This recent trend of decreasing prices started on September 30th, following a letter from Governor Gavin Newsom to the California Air Resources Board. The letter instructed refineries to begin producing and distributing winter-blend gasoline, which is cheaper to produce. This allowed stations to start selling winter blend gas earlier than usual, contributing to the subsequent decrease in prices.
Orange County also experienced its highest average price to end a year, with an increase of half a cent bringing it to $4.66. This surpasses the previous year-end high of $4.65 set in 2022. The average price has been consistently increasing for the past nine days, with a total increase of 12.2 cents. However, compared to a week ago, it is only 7.3 cents higher and 14.6 cents lower than it was one month ago. It has dropped significantly from its record high of $6.459 on October 5th, 2022.
On a national level, the average price of gasoline has decreased for the eighth time in the past nine days. It dropped by half a cent to $3.112. In total, there have been five decreases of one-tenth of a cent, following a previous streak of increases totaling 6.1 cents.
Compared to a week ago, the national average price is now 1.5 cents lower, 13.4 cents lower than it was one month ago, and 8.3 cents lower than it was at the same time last year. It has also dropped significantly since reaching a record high of $5.016 on June 14th, 2022.
Despite the decreasing national average price, the average prices in Los Angeles County and Orange County have continued to rise, reaching their highest levels at the end of the year. This trend underscores the regional variations in gasoline prices and the impact of factors specific to each area.
As consumers continue to navigate fluctuating gasoline prices, it is important to stay informed and consider the implications for personal finances and travel expenses. Monitoring local gas prices and seeking out cost-saving strategies, such as carpooling or using alternative modes of transportation, can help mitigate the impact of rising prices.
It remains to be seen how gasoline prices will evolve in the coming months and whether the current upward trend in Los Angeles County and Orange County will persist or shift. As always, staying informed about market dynamics and making informed decisions can help consumers adapt to changing circumstances effectively.
