Gas Price - Photo taken by MNLA staff

The average price of a gallon of self-serve regular gasoline in Los Angeles County Friday equaled its record high set Sunday, rising a half-cent to $6.098.

Since setting the record Sunday, the average price was unchanged Monday, dropped one-tenth of a cent Tuesday and six-tenths of a cent Wednesday, its largest decrease since April 27, and rose two-tenths of a cent Thursday, according to figures from the AAA and Oil Price Information Service. It is one-tenth of a cent more than one week ago, 32.4 cents higher than one month ago and $1.901 greater than one year ago.

The Orange County average price rose eight-tenths of a cent to $6.067, one day after dropping two-tenths of a cent. It is nine-tenths of a cent less than one week ago but 35.6 cents more than one month ago and $1.913 higher than one year ago.

The Los Angeles County average price has increased $1.302 since Russia’s invasion of Ukraine 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 $1.29.

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 dropped one-tenth of a cent to $4.599 after back-to-back increases of one-tenth of a cent. The national average set records 15 times in 17 days through Thursday.

Leave a comment

Your email address will not be published.