The average price of a gallon of self-serve regular gasoline in Los Angeles County set a record Friday, June 10, for the 14th consecutive day, rising 2.1 cents to $6.445, extending its streak of increases to 16 consecutive days.
The average price risen 35.4 cents over the past 16 days, including 1 cent Thursday, according to figures from the AAA and the Oil Price Information Service. It is 17.9 cents more than one week ago, 55.5 cents higher than one month ago and $2.198 greater than one year ago.
The Los Angeles County average price has increased $1.649 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. The Orange County average price has increased $1.629.
The trend is expected to continue, according to Doug Shupe, the Automobile Club of Southern California’s corporate communications manager
“Analysts are projecting significant increases in oil prices over the next year as Russian oil leaves Western markets,” Shupe said.
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 1.6 cents to $4.986, its 14th consecutive record and 18th in 19 days. It has increased 39.3 cents over the past 19 days, including 1.5 cents Thursday.
The national average is 22.5 cents more than one week ago, 61.2 cents higher than one month ago and $1.913 greater than one year ago.