Average gas prices drop for fourth time in five days

Average gas prices in the Southland have seen their fourth drop in the last five days, after a record-setting 18 days of increase which accounted for 36.9 cents. 

The drop, a much more minuscule 1.6 cents, began on Monday with a one-tenth of a cent drop, followed by two-tenths of a cent on Wednesday, six-tenths of a cent on Thursday and one cent on Friday. 

Despite the price decrease, Los Angeles County residents faced the highest-ever average cost for a gallon of regular gasoline on Tuesday, when prices jumped to $6.46. 

According to AAA, the drop can be attributed to "a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week," which was caused by "a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA (U.S. Energy Information Administration), which is likely due to record high prices."

Still average prices are $2.19 higher than they were at this time in 2021. 

Prices also dropped for the fourth time in five days in Orange County, which now sits at an average of $6.38.

Experts attribute the drastic increase in costs to the crisis in Ukraine, which began on February 24, and has placed pressure on crude oil prices, which account for more than half the cost of the pump price. 

The current national average sits at $5, a noted different from the Southland which has continued to pay higher prices since the period of constant inflation began.