Degree is rising, gasoline prices are unchanged. Is there a connection?
The price of gasoline in Orange County remains stable. After all, unchanged is the demand for it. And perhaps the reason for that is the heat.
We continue to monitor the gasoline price situation in Orange County.
What do we know so far?
- Orange County's average gasoline price remained steady at $4.902 per gallon after a previous increase of two-tenths of a cent. That's the data as of July 25.
- Even so, the price is 2.9 cents lower than a week ago. But up 6.9 cents from a month ago. Recall that the average price in the county previously hit a record $6.459 on Oct. 5. It then declined $1.558 after that.
- By comparison, the average price of a gallon of regular self-serve gasoline in Los Angeles County rose three-tenths of a cent to $4.976 after a previous drop of one-tenth of a cent.
"Fuel demand has barely changed since last week. But compared to this time in 2022, it's higher across the country. With the exception of the Gulf Coast, Texas and New Mexico," commented Andrew Gross of AAA Gas. - Some industry experts speculate that the hot temperatures in this region are keeping people off the roads."
According to the Energy Information Administration (EIA), gasoline demand increased slightly last week from 8.76 million barrels per day to 8.86 million barrels per day. And total domestic gasoline inventories fell from 219.5 million barrels to 218.4 million barrels. With supplies tight, a possible increase in fuel demand will affect prices at the pumps.
Overall, the price of gasoline continues to rise due to the high price of oil, which has risen to the mid-$70s per barrel. Stable gasoline demand and limited inventories may continue to influence fuel price levels.
Also be advised that drivers can find current gasoline prices on their route using the AAA TripTik Travel planner..
Socium.Network team will continue to monitor the situation with gasoline prices in Orange County. As well as the general situation in California.
Thank you for reading us!