Gas prices drop for third time in four days

The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Thursday for the third time in four days following an 18-day streak of increases totaling 36.9 cents, decreasing six-tenths of a cent to $6.454.

The streak ended Monday with a decrease of one-tenth of a cent. The average price rose three-tenths of a cent to a record $6.462 on Tuesday and dropped two-tenths of a cent Wednesday.

The average price is 3 cents more than one week ago, 42.5 cents higher than one month ago and $2.204 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.

The Orange County price dropped for the third time in four days following a 17-day streak of increases totaling 35.1 cents, decreasing 1 cent to $6.395. It dropped two-tenths of a cent Monday, was unchanged Tuesday and decreased three-tenths of a cent Wednesday.

The Orange County average price is six-tenths of a cent more than one week ago, 38.2 cents higher than one month ago and $2.189 greater than one year ago.

The Los Angeles County average price has increased $1.658 since Russia's invasion of Ukraine on Feb. 24 "sent shock waves through the oil market that have kept oil costs elevated," said Andrew Gross, an AAA national public relations manager. The Orange County average price has increased $1.618.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.

The national average price of a gallon of self-serve regular gasoline dropped for the second consecutive day following an 18-day streak of increases, decreasing a half-cent to $5.009. The average price rose 41.5 cents during the streak, setting a record each day. It dropped two-tenths of a cent Wednesday.

The national average is 3.9 cents more than one week ago, 52.6 cents higher than one month ago and $1.934 greater than one year ago.