The average price of a gallon of self-serve regular gasoline in Los Angeles County rose one-tenth of a cent Tuesday to $4.58, one day after increasing three-tenths of a cent.
The average price has risen 21 of the past 22 days, increasing 13.9 cents to its highest amount since Oct. 18, 2012, according to figures from the AAA and Oil Price Information Service. It rose 19 consecutive days, dropped three-tenths of a cent Sunday and resumed increasing Monday.
The average price is 1.5 cents more than one week ago, 16.9 cents higher than one month ago and $1.424 greater than one year ago.
The Orange County average price rose two-tenths of a cent to $4.54, one day a run of 17 increases in 18 days ended when it was unchanged.
The Orange County average price is also a its highest amount since Oct. 18, 2012, and 1.3 cents more than one week ago, 17.1 cents higher than one month ago and $1.418 greater than one year ago.
“The jump in gas prices that started nearly a month ago is finally running out of steam for the time being, as oil prices have stabilized,” said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations. “For most motorists, gas prices are likely to greatly slow their recent ascent and we could even see some small declines in the week ahead.
“OPEC is planning to meet next week, and while it doesn’t seem likely there will be any boost in oil output, its meeting and comments could easily drive the market up or down. The odds remain high that gas prices will remain near Tuesday’s elevated levels going into the holidays, barring additional OPEC supply.”
The high gas prices are the result of the sharp increase to crude oil prices over the past year because of stronger demand following the elimination of coronavirus-related restrictions.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has increased 128.33% from its 52-week low of $36.81 on Nov. 2, 2020, to $84.05 Monday because of higher demand following the elimination of coronavirus-related restrictions.
Monday’s settlement value is the second-highest of the year, behind only last Tuesday’s settlement value of $84.65. It has risen four of the past five sessions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.