The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record high Tuesday for the fourth time in five days while the Orange County average price set a record for the fifth time in six days.
The Los Angeles County average price rose a half-cent to $4.745, breaking the previous record of $4.741 set Sunday, according to figures from the AAA and Oil Price Information Service. It has risen eight of the past nine days, increasing 7.7 cents. It rose seven consecutive days, then dropped one- tenth of a cent Monday.
The average price is 7.1 cents more than one week ago, 6.7 cents higher than one month ago and $1.225 greater than one year ago.
The average prices have reached record highs because of higher oil prices and refineries beginning to ship summer blend gasoline, which is more expensive to produce, according to Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has risen $16.11 since New Year’s Day to $91.32, its second-highest settlement value since 2014.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
Shupe cites “world tensions and OPEC concerns” as the reasons for the rising oil prices.
–
Leave a Reply