The average price of a gallon of self-serve regular gasoline in Los Angeles County continued to fall today, dropping 2.1 cents to $4.452. The average price is now the lowest it’s been since October 2021.
California lawmakers kicked off a special legislative session on Monday to consider punishing big oil companies for their supersized profits during a time of record-high gas prices.
Average Los Angeles County gas prices have fallen over the past two months but remain 41.5 cents more than one year ago.
The latest drop comes as the Automobile Club of Southern California is projecting 4.5 million Thanksgiving travelers in the region this week, an all-time record, with 3.9 million of them driving to their destinations.
The average price is 74.5 cents lower than one month ago but 85.5 cents more than one year ago.
The average price has dropped 86.2 cents over the past 25 days, including 3.5 cents Saturday, to $5.632, its lowest amount since Sept. 23.
Here are the basics of the new windfall profit tax Gov. Gavin Newsom proposed, and how similar taxes have worked in the past.
Decreases should continue “at least until average prices reach the level they were at in early September,” according to a spokesperson for the Automobile Club of Southern California.
The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today for the fourth consecutive day after rising to a record, decreasing 2 cents to $6.41.
California Gov. Gavin Newsom said Friday he will call a special session of the state Legislature in December to pass a new tax on oil companies as punishment for what he calls “rank price gouging.”