The continuous fall in gas prices over nearly a month comes as a relief to drivers in Los Angeles County. In certain areas, the decrease in prices is significant, plunging to as low as $4 per gallon range.
Data from the American Automobile Association (AAA) and Oil Price Information Service (OPIS) reveals that the average gas price in Los Angeles County on October 26 experienced a notable decrease. For the 27th day in a row, the average price dropped, reaching $5.47 per gallon, showing a remarkable 85 cent drop.
This represents a 23.8 cent decline from the previous week and a significant 65.1 cent drop compared to the last month. Since October 5, 2022, when the prices peaked, there has been a substantial reduction of 99.1 cents, nearly a dollar.
In comparison, Orange County has seen its average gas prices settle at $5.28 per gallon. This is 24.1 cents lower than last week, and a significant 80.5 cents lower than the previous month, a $1.176 decrease since the high of October 5, 2022.
Analyst Patrick De Haan from GasBuddy attributes this declining trend to a reduced demand for gasoline as winter approaches. “Refiners are now shifting towards producing lower-priced winter blends of gasoline, which further contributes to the decrease in gas prices,” De Haan noted.
Industry experts project that this trend of falling gas prices is likely to persist, driven by a continued dip in demand. Forecasts suggest that gas prices will reach their lowest point between Thanksgiving and Christmas.
BY HOONSIK WOO, JUNHAN PARK [woo.hoonsik@koreadaily.com]
