The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Friday, Oct. 18, for the 18th consecutive day, increasing four-tenths of a cent to $4.575, its highest amount since Oct. 18, 2012.
The average price has increased 13.8 cents over the past 18 days, including three-tenths of a cent on both Wednesday and Thursday, according to figures from the AAA and Oil Price Information Service. It is 3.2 cents more than one week ago, 16.6 cents higher than one month ago and $1.405 greater than one year ago.
“Southern California gas price averages are still 13 to 20 cents below their all-time record levels in 2012, but several Northern California communities set new records this week when the heavy rainstorm affected their local refinery production,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
“Oil prices remain at very high levels and that is driving up prices around the U.S. during a time we would normally see price decreases.”
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has increased 131.38% from its 52-week low of $35.79 on Oct. 30, 2020, to $82.81 Thursday 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.