Southern California gas prices have dropped nearly 70 cents from a month ago. The average is $5.43 in California and $5.50 in the L.A.-Long Beach area.
The average price for a gallon of gas in Southern California has dropped nearly 70 cents from a month ago, and holiday travelers can thank a volatile global oil market and seasonal shifts in production costs for lower prices heading into the Thanksgiving holiday.
The average price for a gallon of gas is $5.43 in California and $5.50 in the Los Angeles-Long Beach area. Although this continues a trend of declining gas prices, it’s still far above the average of $4.67 a gallon at this time a year ago, AAA said.In early October, gas prices jumped after shutdowns at several California oil refineries that produce a specific grade of fuel for the state.
On Friday, China’s health commission announced its strict COVID-19 policies, which delayed the reopening of its economy and in turn is expected toThe cost of crude oil, the main ingredient in gasoline, has also stayed within a narrow price range of $85 to $92 a barrel for several weeks. Still, AAA expects this Thanksgiving to be one of the busiest seasons for automobile travel in recent years. It’s still unclear whether that will drive demand and prices.
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