The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest increase since July 15, 2015, Wednesday, rising 6.5 cents to $3.758 because of higher crude oil prices stemming from the weekend drone attacks on two major oil facilities in Saudi Arabia.
The average price has risen 8.6 cents over the past two days and is 8.3 cents more than one week ago, 16.4 cents higher than one month ago and 8.8 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen 36.7 cents since the start of the year.
The Orange County average price recorded its largest increase since July 14, 2015, rising 7.5 cents to $3.727. It is 8.7 cents more than one week ago, 15.8 cents higher than one month ago and 11.2 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen 37.8 cents since the start of the year.
The price of crude oil accounts for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull, vice president, strategic communications, of the Western States Petroleum Association, a trade association representing major oil companies in five Western states.