The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Friday for the fourth time in five days following an 18-day streak of increases totaling 36.9 cents, decreasing 1 cent to $6.444.
The average price has decreased 1.6 cents over the past five days — dropping one-tenth of a cent Monday, two-tenths of a cent Wednesday and six-tenths of a cent Thursday, according to figures from the AAA and the Oil Price Information Service. It rose three-tenths of a cent to a record $6.462 on Tuesday.
The decreases stem from “a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week” caused by “a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA, which is likely due to record high prices,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, referring to the U.S. Energy Information Administration.
The average price is one-tenth of a cent less than one week ago but 37.8 cents more than one month ago and $2.193 higher than one year ago.
The Los Angeles County average price has increased $1.648 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager. The Orange County average price has increased $1.608.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
The national average price of a gallon of self-serve regular gasoline dropped for the third consecutive day following an 18-day streak of increases, decreasing nine-tenths of a cent to $5. The average price rose 41.5 cents during the streak, setting a record each day. It dropped two-tenths of a cent Wednesday and a half-cent Thursday.
The national average price is 1.4 cents more than one week ago, 47.7 cents higher than one month ago and $1.925 greater than one year ago.