Gas prices fall for 50th day
L.A., Orange counties in sync with national decrease at the pump
Gas prices across the region continue to drop, marking 50 days of decreases in Los Angeles to Orange counties.
In Los Angeles, prices for a gallon of self-serve regular gasoline fell 2.6 cents to $5.599, its lowest amount since March 8.
The average price has dropped 86.3 cents since rising to a record $6.462 on June 14, including 1.5 cents Tuesday, following an 18day streak of increases totaling 36.9 cents, according to figures from the AAA and the Oil Price Information Service. Prices are still $1.22 higher than a year ago.
The Orange County average price dropped 2.5 cents to $5.497, its lowest amount since March 7. It has decreased 91.1 cents over the past 50 days, including 2.2 cents Tuesday. Prices are still $1.15 more than one year ago but have dropped 91.3 cents since rising to a record $6.41 on June 12.
The national average price also dropped for the 50th consecutive day, decreasing 2.6 cents to $4.163. It has dropped 85.3 cents since rising to a record $5.016 on June 14, including 2.3 cents Tuesday, after rising 41.5 cents during the 18-day streak of increases.
Regular gas prices in Riverside County dropped for the 30th consecutive day and 37th time in the last 38 days, decreasing 3.1 cents to $5.477, its lowest amount since March 8. Prices in San Bernardino are down to $5.553, falling 2.4 cents in a day and down 68 cents in a month.
The average price in Riverside County has dropped 76.9 cents over the past 37 days, including 2.4 cents Tuesday. It has dropped 85.3 cents since rising to a record $6.33 on June 14, but is still $1.17 more than a year ago.
The national average price dropped for the 50th consecutive day following an 18-day streak of increases, decreasing 2.6 cents to $4.163. It has dropped 85.3 cents since rising to a record $5.016 on June 14, including 2.3 cents Tuesday, after rising 41.5 cents during the 18-day streak of increases.
Nineteen states have average gas prices below $4, including Ohio, Iowa and Wisconsin, according to AAA.
The steady decline in gas prices has been driven by multiple factors, including recession fears that have knocked down oil prices and the fact that some Americans cut back on driving when gas prices spiked above $5 a gallon.
“When people pay and they see $100 for the bill, they panic and become apoplectic,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service.
Kloza also credited the unprecedented release of emergency oil by the Biden administration from the Strategic Petroleum Reserve, though he conceded it's difficult to quantify the impact.
Andy Lipow, president of consulting firm Lipow Oil Associates, expects the national average will drop to $4.10 a gallon in the next seven to 10 days and $4 by Labor Day.