Orange County residents saw a fifth consecutive day of falling gas prices on Tuesday, bringing the average price for a gallon of self-serve regular gasoline down 2 cents to $6.354. This drop follows a period of 42 increases over 44 days that had pushed prices to within 5.3 cents of the county's all-time record. In Los Angeles County, the average price also decreased for the fifth straight day, falling 1.1 cents to $6.407, after a 44-day streak of increases had brought it within 5.4 cents of its own record.
The recent decline in prices for both counties is a direct result of an announcement made last week by Gov. Gavin Newsom. The governor authorized the immediate sale of cheaper winter-blend gasoline, moving up the customary November 1 release date. Despite these recent drops, local drivers are still paying significantly more for fuel compared to previous periods. The average price in Orange County is 4.6 cents less than one week ago, but remains 48 cents more than one month ago and $1.656 higher than one year ago. Similarly, in Los Angeles County, prices are 1.5 cents less than one week ago, yet still 51 cents more than one month ago and $1.68 more than one year ago.
According to figures from the AAA and Oil Price Information Service, the all-time record average price for Orange County was $6.458, set on October 5, 2022. For Los Angeles County, the record was $6.493, also established on October 5, 2022. The data from these services also indicates a substantial increase in prices over recent months. The average price in Los Angeles County had increased $1.713 since the start of what the services referred to as the “joint U.S./Israel war on Iran” on February 28, an event noted for sending oil prices higher and drastically accelerating increases at the gas pump. Orange County experienced a similar surge, with its average price increasing $1.718 since the start of that conflict.
Looking beyond the local trends, the national average price for self-serve regular gasoline diverged, ending a 10-day streak of decreases with a slight increase of three-tenths of a cent, reaching $4.368. While this national average is 8.7 cents less than one week ago, it stands 22.1 cents more than one month ago and $1.235 more than one year ago. The national average price has increased $1.386 since what the source described as the “attack on Iran.”
Patrick De Haan, head of petroleum analysis at GasBuddy, which collects real-time gas price information, provided context in a statement Monday. De Haan stated that “a broad-based retreat brought relief to motorists across much of the country” last week, noting that average gasoline prices fell in 48 states, with diesel also declining in 48 states. He also suggested that while declines might continue in most states, some markets could see an upward swing in gas prices in the coming days. De Haan further elaborated that even as oil shipments through the Strait of Hormuz are rising, refineries behind the strait are not yet fully able to move products through, which is contributing to gasoline and diesel prices remaining elevated relative to what crude oil levels alone might suggest.
