Average Gas Prices in Los Angeles and Orange Counties Hold Steady Despite OPEC+ Production Cuts

LOS ANGELES (KABC) — A 33-day streak of increases that pushed the average price of a gallon of self-serve regular gasoline in Los Angeles County to record highs each of the last three days ended Thursday with a drop of three tenths of a cent at $6.491.

The average price rose $1.248 over the past 33 days, including half a cent on Wednesday, according to figures from the AAA and the Oil Price Information Service. That’s 23 cents more than a week ago, $1.20 more than a month ago, and $2,065 more than a year ago.

The streak of increases followed a series of 78 declines in 80 days totaling $1,216 that began on June 15, a day after the average price hit a record high of $6,462.

The Orange County average price fell 2.3 cents to $6.436 after rising 15 of the previous 16 days and setting records on Tuesday and Wednesday. It was up $1.063 in the previous 16 days, including 1.4 cents on Wednesday.

The Orange County average price is 18.5 cents higher than a week ago, $1,198 higher than a month ago and $2,041 higher than a year ago.

The national average price rose for the 15th time in 16 days, rising 3.6 cents to $3.867. The average price rose 19.3 cents over the past 16 days, including 2.6 cents on Wednesday. It rose for 11 consecutive days, fell four tenths of a hundred on Sunday and started to rise again on Monday.

The national average price is 8.5 cents higher than a week ago, 8.8 cents higher than a month ago and 64.6 cents higher than a year ago. The national average price is $1.149 lower than the record high of $5.016 set on June 14.

The series of increases follows a 98-day streak of declines totaling $1,342 that began the day after the record was set.

The slight drop in prices comes after OPEC+, an alliance of oil-exporting countries around the world, announced it would cut oil production by 2 million barrels a day from November.

That has raised concerns that the move could drive up US gas prices even further, but AAA says any kind of fallout from the move is unlikely to be seen any time soon.

“OPEC’s announcement may make a long-term difference to gasoline prices in California, but the immediate impact won’t be as significant simply because we’re already paying record prices at the pumps right now. “said Marie Montgomery of the Auto Club. from southern California.

President Joe Biden said the timing of OPEC’s decision was not a coincidence, but a ploy by the leaders of Russia and Saudi Arabia.

Governor Gavin Newsom also voiced his criticism of oil companies on Thursday, saying they were scamming drivers.

Newsom is now calling for a new tax on oil companies which he says would put money back in our pockets, but no further details were given.

Meanwhile, Californians could start receiving up to $1,500 in gas assistance starting Friday.

California’s middle class tax refunds are being made this week. See when you’ll get paid

City News Service contributed to this report.