The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Saturday for the fifth time in the last six days following a long streak of increases that pushed it to record highs, declining 1.4 cents to $6.43.
The Los Angeles County average price has increased $1.634 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 decreases stem from"a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week" caused by"a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA, which is likely due to record high prices," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager, referring to the U.S. Energy Information Administration.