News Summary
Gas prices in Los Angeles County have finally seen a decrease, with the average price for a gallon of self-serve regular gasoline dropping to $4.52. This marks the lowest price since January 31, providing drivers with a much-needed break. Comparatively, prices have decreased by 13.7 cents from last month and 23.6 cents from last year. Orange County is witnessing similar trends, while national averages also reflect a decline. However, upcoming tax increases may affect future prices. Drivers should enjoy this brief respite while they can.
Good News for Drivers in Los Angeles as Gas Prices Take a Dip
If you’re cruising around Los Angeles County, there’s some good news on the horizon—gas prices are finally seeing a bit of relief! The average price for a gallon of self-serve regular gasoline has dropped to 4.52 dollars, marking the lowest point since January 31. While it’s just a modest decrease of 1 cent from yesterday, it’s a telltale sign that the prices are on a downward trend. Over the past week, you’ve saved a total of 4 cents at the pump. Not too shabby!
A Quick Look at the Numbers
To put things into perspective, this time last month, the average price was 4.65 dollars, meaning you’re saving about 13.7 cents now. Even better, compared to a year ago, California’s prices are down by a whopping 23.6 cents! Remember the days when prices peaked at an astonishing 6.493 dollars back on October 5, 2022? Things have improved dramatically since then—it’s a decrease of 1.973 dollars!
What About Orange County?
National Trends
On a national level, things don’t look too bleak either. The average price for a gallon of gas in the U.S. is now 3.157 dollars, which is 38 cents lower than last year. This price represents a significant drop from the peak of 5.016 dollars we experienced back in June 2022. Thanks to an abundance of supply in the oil market, drivers are breathing a little easier as they navigate the roads.
What’s on the Horizon?
But hold your horses; it’s not all sunshine and rainbows. Starting July 1, California is set to raise its gas excise tax from 59.6 cents to 61.2 cents per gallon, and that’s not the only tax set to increase—diesel fuel tax will go from 45.4 to 46.6 cents per gallon. In addition to taxes, ongoing changes in environmental regulations aimed at slashing carbon emissions could raise costs even further. The California Air Resources Board believes that adjustments to the Low Carbon Fuel Standard could add up to 47 cents to your gas bill.
The Big Debate
As prices fluctuate, there’s a lot of chatter among political figures, particularly GOP leaders, calling for Governor Newsom to put a halt to the upcoming gas fee increases, citing economic woes for families. It’s a hot topic, as projections vary significantly on how these regulations will impact prices in the coming years—some studies suggest gas could hit an eye-watering 8 dollars a gallon by 2026.
Final Thoughts
For now, take a moment to enjoy the lower gas prices while they last. With the ups and downs of the economy and continued regulatory discussions, it’s anyone’s guess what the future holds at the pump. But as of today, at least, Los Angeles County and Orange County drivers can take some comfort that they’re paying less than they were this time last year. Just don’t forget to keep an eye on those upcoming changes—they could be around the corner!
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Additional Resources
- Stacker: How Gas Prices Have Changed in Los Angeles
- Los Angeles Times: Ready for a Summer Road Trip? Here’s Why a Visit to the Gas Pump Could Cost You More in July
- LAist: Fact Check on California Gas Prices for July
- ABC7 News: California Gas Prices Could Top $8 a Gallon by 2026
- Newsweek: California Gas Prices Hike Due to LCFS
