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Monday, March 4, 2024

LA gas prices dip below $5 for first time since July 25 amid surplus supply

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Gas price in LA Koreatown indicating below $5. [Junhan Park, The Korea Daily]

The average gas price in Los Angeles County recently dropped below $5. This is the first time since July 25.

According to the American Automobile Association (AAA) and the Oil Price Information Service (OPIS), gas prices in Los Angeles County averaged $4.961 per gallon. That’s down $1.53 from a record high of $6.49 on October 5 of last year.

Prices are 10 cents lower than the previous week, 45.7 cents lower than the previous month, and 15 cents lower than a year ago.

In Orange County, current gas price is $4.815, down 9.6 cents from the previous week, 40.6 cents from the previous month, and 18.6 cents from the previous year. The statewide average gas price for the day was $4.858 per gallon, down 10.2 cents, 44.6 cents, and 18.1 cents from the previous week, month, and year, respectively. The national average averaged $3.246 per gallon.

“November, December, and January are the months with the lowest annual demand for gas, and the current supply is sufficient,” an expert analyzed the decline in gas prices.

BY HAEUN CHUNG, JUNHAN PARK    [chung.haeun@koreadaily.com]