LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles County was unchanged Wednesday, remaining at $6.048, after rising four consecutive days to its highest amount since Oct. 6, 2023.
The average price increased 4.8 cents over the past four days, including four-tenths of a cent on Tuesday, according to figures from the AAA and Oil Price Information Service.
The streak followed back-to-back decreases totaling seven-tenths of a cent, the first back-to-back decreases since three consecutive decreases totaling 1.3 cents from Jan. 20-22.
The average price is 4.1 cents more than one week ago, 82.7 cents higher than one month ago and $1.126 greater than one year ago. It is 44.6 cents less than the record $6.494 set on Oct. 5, 2022.
The run of 10 increases in 11 days to the Orange County average price ended with a decrease of three-tenths of a cent to $5.976. It rose 8 cents during the run, including six-tenths of a cent on Tuesday, to its highest amount since Oct. 5, 2023.
The Orange County average price is 3.6 cents more than one week ago, 76.5 cents higher than one month ago and $1.103 greater than one year ago. It is 48.3 cents less than the record $6.459 set on Oct. 5, 2022.
Prices were rising slightly in line with seasonal norms before the joint U.S./Israel attack on Iran on Feb. 28 sent oil prices higher and drastically accelerated increases at the gas pump.
The national average price rose to its highest amount since Aug. 2, 2022, increasing 2.4 cents to $4.164. It has risen 11 consecutive days, increasing 18.4 cents, including 2.1 cents on Tuesday.
The national average price is 10 cents more than one week ago, 71.4 cents higher than one month ago and 91.8 cents greater than one year ago. It is 85.2 cents less than the record $5.016 set on June 14, 2022.
The agreement between the United States and Iran reached Tuesday on a two-week ceasefire in their war that includes the reopening of the Strait of Hormuz means “gas prices could start reversing nationally in 48 hours or so — by a few cents every day,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, wrote on social media at 5:24 p.m. Pacific Daylight Time Tuesday.
“National average gasoline could fall below $4 in (approximately) 1-2 weeks. These levels are tentative based on current markets, changes are highly likely as the situation unfolds.”
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