The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Monday for the 14th consecutive day, increasing four-tenths of a cent to $4.558, its highest amount since Oct. 19, 2012.
The average price has increased 12.1 cents over the past 14 days, including seven-tenths of a cent Sunday, according to figures from the AAA and Oil Price Information Service. It is 5.9 cents more than one week ago, 15.4 cents higher than one month ago and $1.378 greater than one year ago.
The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange rose six of the past seven trading sessions, including increasing $1.26 Friday to settle at $83.76, its second-highest settlement price of the year, behind only Wednesday’s $83.87 settlement price.
The settlement price increased for nine consecutive weeks, the longest streak on record. Figures are available back to April 1983.
The crude oil price has increased 134.03% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.