Orange County's average price for a gallon of self-serve regular gasoline recorded its 23rd consecutive daily decline on Saturday, decreasing by 3 cents to reach $5.994. This sustained drop follows a period where prices had risen significantly, pushing them close to their historical peak.
Over the past 23 days, the average price in Orange County has fallen by a total of 41.1 cents. This current trend of decreases follows a previous run of 42 increases recorded over 44 days, during which prices surged by 83.7 cents. This earlier escalation brought the average price within 5.3 cents of its record high of $6.458, which was established on October 5, 2022.
The current average price of $5.994 represents a reduction of 18.1 cents compared to one week prior and 27.1 cents lower than one month ago. Despite these recent declines, the average price remains $1.41 higher than it was one year ago. Furthermore, the price has increased by $1.358 since February 28, following what the record describes as the start of the war on Iran.
The observed reduction in gasoline prices is linked directly to an announcement made by Governor Gavin Newsom on September 28. Governor Newsom's directive allowed for the immediate sale of cheaper winter-blend gasoline, deviating from the customary November 1 start date for its distribution. This accelerated transition to the less expensive fuel type has been identified as the factor behind the declining prices.
However, industry analysis indicates that external market forces are limiting the extent of these price reductions. According to a statement released Thursday by the AAA, "High crude oil prices are preventing steep declines at the pump." The statement further noted that the price for a barrel of crude oil is nearing $100, a situation exacerbated by instability in the Strait of Hormuz. Consequently, this month is anticipated to set a new record as the most expensive October ever for gas prices, continuing a trend observed in August and September of this year.
In Los Angeles County, a similar trend of decreasing gasoline prices has been observed. The average price there dropped for the 22nd time in 23 days on Saturday, falling 2.9 cents to an average of $6.105. This marks a total decrease of 33.4 cents over the past 23 days, including a 1.7 cent drop on Friday. This series of decreases in Los Angeles County follows a 44-day streak of increases that totaled 79.7 cents, placing its average price within 5.4 cents of its own record high of $6.493, set on October 5, 2022. The Los Angeles County average is 13.6 cents less than one week ago and 17.7 cents less than one month ago but $1.472 more than one year ago. Its price has increased $1.411 since the start of the joint U.S./Israel war on Iran on February 28.
On a broader scale, the national average price for self-serve regular gasoline increased by three-tenths of a cent to $4.295. This national average is 1.3 cents less than one week ago and 18.7 cents less than one month ago, yet it stands $1.228 higher than one year ago. The national average price has also seen an increase of $1.313 since the attack on Iran.