The decreases are still relatively small, and gas prices aren’t dropping as fast as the price of oil. Annette Arreola reports for Today in LA on July 7, 2022.
Thursday brought one of the biggest drops in gas prices that Los Angeles County has seen in some time.
But don't get too excited -- at a decrease of about three cents per gallon, we're still not anywhere near the prices seen at this time in 2021.
The price of gas is also not dropping as fast as the price of oil.
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As of Thursday, July 7, here's what the average price of a gallon of regular unleaded gasoline looked like in different Southern California counties, according to AAA.
- LA County: $6.24
- Orange County: $6.14
- Riverside County: $6.12
- San Bernardino County: $6.18
- Ventura County: $6.22
The good news is that oil prices are now below $100 per barrel, falling nearly 20% in just the past month.
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But why isn't the price at the pump taking a bigger dip?
GasBuddy's Patrick De Haan says gas stations are slower to drop prices, because they -- just like consumers -- likely paid the higher price over the last few weeks, and need to get rid of that supply before tapping into the cheaper gas.
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"But I think in time, both of these areas and most of California should fall back under the $6 mark," De Haan said.
Barring any other sudden upticks in the price of oil, SoCal should continue to see a gradual drop -- but have patience and don't expect any sudden overnight drops.
