The average price of a gallon of self-serve regular gasoline in Orange County has dropped for the twentieth consecutive day, falling 3.9 cents to $6.09. This consistent decline brings welcome news to local drivers and businesses.
Over the past 20 days, the average price in Orange County has decreased by 31.7 cents, including a 2.8-cent fall on Tuesday. This recent trend follows a period of 42 increases in 44 days, during which prices surged by 83.7 cents, pushing them within 5.3 cents of the record high of $6.458, which was set on October 5, 2022.
Currently, Orange County’s average price is 14.6 cents less than one week ago and 10.2 cents less than one month ago. However, the cost at the pump remains $1.468 more than it was one year ago. This significant annual increase impacts household budgets and the operating costs for local businesses.
Looking at a broader timeframe, the average price in Orange County has increased by $1.454 since the start of the joint U.S./Israel war on Iran, which contributed to rising oil prices.
Neighboring Los Angeles County has experienced a similar trend, with prices dropping for the nineteenth time in 20 days. The average price there fell 2.5 cents to $6.183 on Wednesday, contributing to a 25.6-cent decrease over the past 20 days. This follows a 44-day streak of increases totaling 79.7 cents, which brought the average price within 5.4 cents of its October 5, 2022, record high of $6.493. Los Angeles County prices are 12.2 cents less than one week ago and 3.5 cents less than one month ago but stand $1.518 more than one year ago, having increased $1.489 since the start of the war on Iran. These figures are compiled by AAA and Oil Price Information Service.
The recent reduction in gasoline prices is attributed to an announcement made by Governor Gavin Newsom on September 28. The Governor permitted the immediate sale of cheaper winter-blend gasoline, ahead of the customary November 1 transition date. This regulatory adjustment directly impacts the cost of fuel available to consumers.
Nationally, the average price of gasoline also declined, dropping 1.4 cents to $4.264, marking its sixth consecutive decrease. The national average is 6.9 cents less than one week ago and 21.4 cents less than one month ago, yet it remains $1.217 more than one year ago. It has increased $1.282 since the attack on Iran.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that "average gasoline prices declined in the vast majority of states over the last week." He further explained that these declines were primarily due to a combination of state fuel tax suspensions and price-cycling markets correcting themselves. GasBuddy provides real-time gas price information from over 150,000 stations.
De Haan cautioned that the outlook for gas prices remains tied to geopolitical developments. He stated that some price-cycling states could see upward swings in the coming days if oil markets firm. While motorists in states that have benefited from tax suspensions might continue to see some protection from broader market pressures, De Haan emphasized that the overall picture remains fluid.
