The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a second consecutive record Thursday, May 19, increasing eight-tenths of a cent to $6.097.
The average price has risen for 22 consecutive days, increasing 32.3 cents, including 2.3 cents Wednesday, according to figures from the AAA and Oil Price Information Service. It is 20 cents more than one week ago, 29.7 cents higher than one month ago and $1.918 greater than one year ago.
The record before Wednesday was $6.07 set March 28.
The Orange County average price rose to a record for the third consecutive day, increasing three-tenths of a cent to $6.076. It has increased 21 of the past 22 days, rising 36.5 cents, including 2.4 cents Wednesday. The Orange County average price is 23.4 cents more than one week ago, 32.4 cents higher than one month ago and $1.936 greater than one year ago. The Orange County record before Tuesday was $6.029 set March 29.
The national average price rose to a record for the 10th consecutive day, increasing 2.2 cents to $4.589. 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 $2.82 Wednesday to settle at $109.11.
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.