The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Wednesday for the fifth consecutive day, increasing 2.8 cents to $6.20, its seventh consecutive increase.
The average price has risen 10.9 cents over the past seven days, including 1 cent Tuesday, according to figures from the AAA and Oil Price Information Service. It is 10.9 cents more than one week ago, 38 cents higher than one month ago and $1.972 greater than one year ago
The Orange County average price rose 2.9 cents to its fifth consecutive record, $6.179, its sixth consecutive increase. It has risen 12 cents over the past six days, including seven-tenths of a cent Tuesday.
The Orange County average price is 11.8 cents more than one week ago, 40.5 cents more than one month ago and $2.004 higher than one year ago.
The Los Angeles County average price has increased $1.404 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 $1.402.
The price of a barrel of front month crude on ICE Futures Europe dropped $2 Tuesday to settle at $115.60, one day after increasing $2.04 to settle at $117.60, its highest amount since March 23.
Analysts attributed Monday’s increase to anticipated increased demand following the weekend comments by Shanghai Vice Mayor Wu Qing that coronavirus-related restrictions would be reduced this week and the expectation of a reduction in supply stemming from the pledge by European Union leaders to impose an oil embargo on Russia.
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 4.9 cents to a record $4.671. The national average has set records 20 of the past 23 days.