The average price of a gallon of self-serve regular gasoline in Los Angeles County rose one-tenth of a cent Wednesday to $4.746, its fifth record high in six days, while the Orange County average price set a record for the sixth time in seven days.
The Los Angeles County average price has risen nine of the past 10 days, increasing 7.8 cents, including a half-cent on Tuesday, according to figures from the AAA and Oil Price Information Service. It rose seven consecutive days, dropped one-tenth of a cent Monday, then resumed increasing Tuesday.
The average price is 4.4 cents more than one week ago, 6.5 cents higher than one month ago and $1.227 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 $14.15 since New Year’s Day to $89.36.
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.
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