Gas Prices Hit a New Record for 2023

On Wednesday, regular gasoline in Los Angeles County reached a new record for 2023, averaging $5.84 per gallon. The previous time gas prices were this high was in December 2019. Gas prices have been driven up by various factors, including higher crude oil prices, lower domestic production, increased demand, and seasonal factors such as higher gasoline taxes in California and the switch to more expensive summer-blend gasoline. Crude oil prices have increased by over 50% since November 2022, while domestic production has decreased by about 10% since January 2020. Demand has picked up as more people return to work, travel, and social activities after pandemic-related lockdowns were lifted.

Some experts predict that gas prices will soon reach their peak and begin to decline, while others caution that prices could remain high for an extended period if OPEC+ fails to increase output or if new variants of COVID-19 disrupt global economic activity once again.

To save money on gas, consumers can follow several tips, including using the right fuel for their vehicles, using gas price apps to find the cheapest gas stations, paying cash to take advantage of cash discounts offered by some gas stations, tightening their gas caps to prevent fuel from evaporating, driving at a steady speed and avoiding sudden acceleration or braking, and turning off their engines if they are idle for more than 10 seconds, except in traffic or at a red light.