Record-Breaking Streak Runs Out of Gas as L.A. Pump Prices Stall

If you filled up your tank Thursday, maybe you noticed that gasoline prices in Los Angeles County had fallen overnight -- by two-tenths of a penny.

Even if you didn’t notice, it was a big deal: Thursday’s average price for self-serve regular -- $2.623 a gallon -- marked the first time in 14 days that the average in the county hadn’t broken records, said Jeff Spring of the Automobile Club of Southern California.

The price decrease in the Inland Empire was even tinier, one-tenth of a penny off a record to $2.648. In Orange County, there was a slight increase of two-tenths of a penny, landing at a fresh high of $2.602 a gallon.

“We’re seeing microscopic increases and microscopic decreases, so I’d say overall, we’re flat,” Spring said. “Compared to what we were seeing last week, it’s encouraging.”

State and national prices have also leveled off.

California’s average was up three-tenths of a cent Thursday to a record $2.641 a gallon, while the U.S. average dropped by seven-tenths of a penny to $2.257, nearly 2 cents off the record set Monday. California has seen average gas prices rise nearly 34 cents a gallon in the last month, while the national average has increased by 22.5 cents.

Just as skyrocketing oil costs have propelled pump prices, oil’s recent decline gets the credit for slowing the rise in gas prices. On Thursday, New York oil futures dipped briefly below $50 a barrel in New York but then rallied to close at $51.13, up 91 cents for the day but down 11% from the record close of $57.27 a barrel on April 1.

With summer road trips coming, prices may still rise. “It’s such a volatile industry,” Spring said, “so from our perspective, it’s too soon to see whether it’s a trend or just a blip.”