US Gasoline Prices Drop as Crude Oil Costs Decline

National average gasoline prices fell to approximately $4.01 per gallon during the first week of August 2026, continuing a multi-day streak of decreases. In California, prices dropped across Los Angeles, Orange, and San Luis Obispo counties, with San Luis Obispo seeing a six-cent decline to $5.86 per gallon. Riverside County prices fell one cent to $5.551, marking the fifth decrease in six days.

AAA - The Auto Club Group attributes the downward trend to seasonal factors, including the end of summer road trips and the start of fall university semesters. The Automobile Club of Southern California noted that oil prices falling below $82 a barrel helped push down costs at the pump. More recently, crude oil prices dropped further into the $70 per barrel range amid optimism that normal operations will resume in the Strait of Hormuz.

Despite these recent dips, prices remain significantly higher than the previous year. In Southern California, costs are nearly $1.20 higher than last year, a surge linked to a joint U.S. and Israel attack on Iran on February 28 that drove up crude oil costs. In Riverside County, prices remain 35.3 cents higher than one month ago.