News Summary
Motorists in Los Angeles and Orange Counties are experiencing a significant drop in gas prices, with the average price hitting its lowest since January. In Los Angeles, the price is down to $4.475, and Orange County mirrors this trend at $4.422. This decline comes after several days of price reductions, offering substantial savings for drivers compared to previous weeks and months. Experts point to increased gasoline inventories and refinery utilization as primary drivers of this drop, while future tax hikes and refinery closures loom as potential concerns.
Gas Prices Take a Nosedive in Los Angeles and Orange Counties!
Los Angeles – If you’re a motorist in LA, we’ve got some great news for you! The average price for a gallon of self-serve regular gasoline in Los Angeles County has dipped to 4.475 dollars, marking the lowest price since January 15th. Talk about feeling a little extra jingle in your pocket!
This latest drop isn’t just a one-off. Over the past four days, we’ve seen a delightful decrease totaling 1.7 cents. Yes, you heard that right! After an increase of half a cent recently, prices have taken a downward turn again. Compared to just last week, you’ll save an extra 2 cents at the pump. And that’s not all—over the past month, prices have dropped by 14.8 cents, and when stacking against this time last year, we’re looking at a jaw-dropping 13.6 cents less!
Looking back at October 5, 2022, it’s hard to believe that prices soared to an all-time high of 6.493 dollars. Now, a fantastic decrease of 2.018 dollars will remind you just how far we’ve come.
Orange County Joins the Price Plunge!
Now, let’s cruise on over to Orange County! Here, the average price for a gallon of gas has also seen a slight dip to 4.422 dollars, which is, guess what? The lowest since January 15 too! This follows a series of six price drops in just seven days that added up to a sweet 2.6 cents drop. So, if you’re filling up in Orange County, you’re looking at savings of 1.4 cents compared to last week. Month-over-month savings hit 13.5 cents, while yearly savings stand at 12.1 cents!
Similar to Los Angeles, Orange County gas prices have dramatically decreased since last year, falling 2.036 dollars from their peak of 6.458 on October 5, 2022. That alone is a huge relief for local drivers who have had to endure high fuel prices.
Why the Decrease? Let’s Break it Down!
According to experts, the good news stems from higher gasoline inventories on the West Coast and refinery utilization rates hovering above 90%. This solid supply means more savings for you when you hit the gas station.
Meanwhile, across the country, the national average gas price has dropped by a scant two-tenths of a cent to settle at 3.16 dollars. While it has seen a slight increase compared to the previous week, we’re still looking at savings over the past month and year—down by 6.6 cents and 36.1 cents respectively. Overall, since last summer, we’ve made quite a stride from a peak of 5.016 dollars!
Future Concerns Lurk on the Horizon!
However, it’s not all smooth sailing. Changes coming on July 1 with California’s Low Carbon Fuel Standard could mean future hikes of around 5 to 8 cents per gallon. The gasoline excise tax is also set to increase by 1.6 cents, which means that the cost of fueling up might not remain this low for long. California currently holds the record for the highest gas tax rates in the nation as of 2024!
Additionally, experts are cautioning about upcoming refinery closures, which could further push up gas prices. So while we can enjoy the current drop in prices, it’s essential to keep an eye on future changes that might impact the cost of fuel.
In this rollercoaster of gas prices, let’s all celebrate these dips while they last, but stay informed about what’s coming down the road. Happy driving, everyone!
Deeper Dive: News & Info About This Topic
HERE Resources
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Additional Resources
- LAist: Controversial Climate Rule Could Raise Gas Prices
- NBC Los Angeles: Gas Prices Rise on July 1
- ABC7: California Gas Prices Could Top $8 a Gallon
- Los Angeles Times: Gas Pump Costs Could Increase in July
- Newsweek: California Gas Prices Hike Due to LCFS
- Wikipedia: Gasoline
- Google Search: California gas taxes
- Google Scholar: Gasoline prices California
- Encyclopedia Britannica: Fuel Taxes
- Google News: California gas prices
