The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 5.4 cents to $5.429 Monday, its 29th record in 31 days.
The average price rose 9.5 cents Saturday and 12.8 cents Sunday, its second-largest increase since July 14, 2015, according to figures from the AAA and Oil Price Information Service.
The Los Angeles County average price has risen 33 times in 36 days, increasing 76 cents. It is 54.3 cents more than one week ago, 68.9 cents higher than one month ago and $1.621 greater than one year ago.
Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.
The price spike “is not exactly surprising — it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.