Hype and headlines regarding the recent uptick in California’s gas tax are being muted this week as the price of gasoline continues to tumble across Southern California.
The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday for the 22nd consecutive day and 23rd time in 24 days, decreasing 1.9 cents to $6.264.
The average price has dropped 19.6 cents over the past 24 days, including two-tenths of a cent Tuesday, according to figures from the AAA and the Oil Price Information Service. The run of dropping prices follows an 18-day streak of increases totaling 36.9 cents.
The average price is 7.3 cents less than one week ago and 10.2 cents lower than one month ago, but $1.934 more than one year ago.
The Orange County average price also decreased for the 22nd consecutive day and 23rd time in 24 days, dropping 2.1 cents to $6.17. It has decreased 24 cents over the past 24 days, including six-tenths of a cent Tuesday. The run of dropping prices follows a 17-day streak of increases totaling 35.1 cents.
The Orange County average price is 8 cents less than one week ago and 17.1 cents lower than one month ago, but $1.882 more than one year ago.
The average price of a gallon of self-serve regular gasoline in Riverside County dropped 2.5 cents today to $6.151. Prices dropped similarly in San Bernardino County, falling 2 cents to $6.202 on Wednesday.
The average price is 8 cents less than one week ago and 6.2 cents lower than one month ago, but $1.90 more than one year ago, according to figures from the AAA and the Oil Price Information Service.
A gas tax increase of 2.8 cents per gallon took effect Friday.
Price drops in California and across the U.S. are likely tied to falling crude oil prices. Oil extended its drop Wednesday below $100 a barrel as fears of a global slowdown outweighed continued supply disruptions and market tightness.
West Texas Intermediate fell as much as 4.4% with Brent dropping below $100 a barrel. The international benchmark dropped more than $10 on Tuesday, its third-largest ever in dollar terms.
Meanwhile, Citigroup Inc.’s Ed Morse said the outlook for oil demand will likely see further downward revisions amid higher fuel prices. “Almost everybody has reduced their expectations of demand for the year,” Morse said in a Bloomberg Television interview Wednesday.
The national average price dropped for the 22nd consecutive day following an 18-day streak of increases, decreasing 2.1 cents to $4.779. It has dropped 23.7 cents over the past 22 days, including seven-tenths of a cent Tuesday, after rising 41.5 cents during the 18-day streak of increases.
The national average price is 8.9 cents less than one week ago and 8.6 cents less than one month ago, but $1.645 more than one year ago.
Bloomberg and City News Service contributed to this report.
