Los Angeles Gas Prices Experience a Significant Drop

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Gas prices are on the decline in Los Angeles, bringing relief to drivers.

News Summary

Drivers in Los Angeles are benefiting from a drop in gas prices, with the average cost of a gallon decreasing to $4.757. This marks a continuous decline over four days, totaling 2.7 cents down. Comparatively, prices are lower than last week and last year, but still higher than a month ago. Nearby Orange County is seeing similar trends, while national averages are also declining. Factors contributing to these changes include increased gasoline inventories and refinery adjustments, providing a glimpse of stability in future pricing.

Los Angeles Gas Prices Take a Tumble: What You Need to Know!

Good news for drivers in Los Angeles! The average price of a gallon of self-serve regular gasoline has decreased, dropping by a teeny-tiny eight-tenths of a cent to an average of $4.757 on Friday. This is exciting because it’s the fourth day in a row that prices have gone down. Over these four days, we’ve seen a total decline of 2.7 cents.

Just a day before, the average price was also down by seven-tenths of a cent. Let’s put this into perspective: the current price is 2.5 cents lower than what it was just a week ago and a whopping 6.7 cents less compared to the same time last year. However, it’s important to note that we’re still looking at a price that’s 26.1 cents higher than it was a month ago.

Comparing Gas Prices Around California

In nearby Orange County, the average price for gas has also taken a dip for the eighth time in nine days. Here, prices decreased by 1.1 cents to an average of $4.719. Over the past nine days, the total drop is 3.9 cents. Just like Los Angeles, Orange County’s current price is 3.7 cents less than last week and 7.6 cents lower than one year ago, although it remains 28.2 cents higher than one month ago. This price drop of $1.74 gives a glimmer of hope, especially since it was $6.459 back in October.

What’s Causing These Fluctuations?

One reason for this downward trend? Increasing inventories and imports of gasoline statewide in the past week! Refineries have been experiencing some hiccups, but the HF Sinclair refinery in Anacortes, Washington, is gearing up to start producing California-blend gasoline as soon as next month. This could help alleviate some of the tension on gas prices!

What’s Happening Nationally?

eighth consecutive day, the average price dropped by 1.1 cents to $3.114. Over those eight days, the national average has slid down by 5.1 cents. To put it in context, the national average is 4.8 cents under last week’s prices, 0.6 cents lower than a month ago, and 18 cents less than this time last year.

As for California’s gas prices, they’re still significantly higher than the national average, with the state hitting an average of $4.82, which is about 52% more compared to the national average of $3.17. This can be attributed to various factors, including a fire and explosion at the Martinez Refining Company earlier in February, which caused an uproar in supply lines.

What’s Ahead for California Gas Prices?

$5.09 and $5.21 per gallon, with areas like Humboldt seeing prices as high as $5.38 and even $5.80 in some circumstances. Luckily, analysts believe the prices shouldn’t soar past the record-high of $6.64 witnessed in San Francisco back in June 2022, despite the ongoing refinery concerns that have been causing these unsettling spikes.