The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Wednesday, May 18, increasing 2.3 cents to $6.089.
The average price has risen for 21 consecutive days, increasing 31.5 cents, including 3.7 cents Tuesday, according to figures from the AAA and Oil Price Information Service. It is 19.8 cents more than one week ago, 28.5 cents higher than one month ago and $1.914 greater than one year ago.
The previous record was $6.07 set March 28.
The Orange County average price rose to a record for the second consecutive day, increasing 2.4 cents to $6.073. It has increased 20 of the past 21 days, rising 36.2 cents, including 3.6 cents Tuesday.
The Orange County average price is 23.7 cents more than one week ago, 31.1 cents higher than one month ago and $1.941 greater than one year ago.
The national average price rose 4.4 cents to $4.567, erasing the previous record set Tuesday.
The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe fell $2.31 Tuesday to settle at $111.93 after hitting its highest intraday price since March 28.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.