The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Friday, June 3, for the seventh consecutive day, increasing 4.5 cents to $6.266, its ninth consecutive increase.
The average price has risen 17.5 cents over the past nine days, including 2.1 cents Thursday, according to figures from the AAA and Oil Price Information Service. It is 16.8 cents more than one week ago, 43.9 cents higher than one month ago and $2.032 greater than one year ago.
The Los Angeles County average price has increased $1.47 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager.
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.
The national average price rose 4.6 cents to a record $4.761, after increasing 4.9 cents Wednesday and 4.4 cents Thursday. The national average has set records 22 of the past 25 days.
“Memorial Day travel volume added to the demand for gasoline last weekend which had a direct impact in gas prices here in Southern California and the rest of the country,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager. “It is hard to know what will happen with prices, but the upward pressure will likely last in the coming weeks and months as people take summer road trips.”