The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties both rose to record highs Friday because of the switch to summer blend gasoline and higher oil prices.
The Los Angeles County average price rose a half-cent to $4.721, breaking the previous record of $4.716 set Nov. 27 while the Orange County average price rose seven-tenths of a cent to $4.706, breaking the previous record of $4.699 set Wednesday, according to figures from the AAA and Oil Price Information Service.
The Los Angeles County average price has risen five consecutive days, increasing 5.2 cents, including 2.8 cents Wednesday, its largest daily increase since Feb. 19. It is 5.4 cents more than one week ago, 4.1 cents higher than one month ago and $1.223 greater than one year ago.
The Orange County average price has risen three consecutive days, increasing 5.1 cents, including 3.2 cents Wednesday, its largest daily increase since Nov. 11. It is 5.3 cents more than one week ago, 5.7 cents higher than one month ago and $1.22 greater than one year ago.
“Refineries began shipping out the more expensive summer blend of gasoline to Southern California gas pipelines on Monday, while oil prices have climbed by more than $10 a barrel in the past month due to world tensions and OPEC concerns,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose to its highest settlement value since Oct. 6, 2014, Thursday, increasing $2.01 to $90.27.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.