The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped by a tenth of a cent a day after reaching a record high because of higher oil prices and refineries beginning to ship summer blend gasoline, which is more expensive to produce.
The average price was down to $4.74, according to figures from the AAA and Oil Price Information Service. It rose for seven consecutive days, including 1.3 cents Saturday and 2.8 cents Wednesday, its largest daily increase since Feb. 19.
The average price is 6.8 cents more than one week ago, 6.2 cents higher than one month ago and $1.224 greater than one year ago.
The Orange County average price rose seven-tenths of a cent to $4.722. It is 6.6 cents more than one week ago, 7.4 cents higher than one month ago and $1.222 greater than one year ago.
On Friday, the price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose to its highest settlement value since Sept. 29, 2014, increasing $2.04 to $92.31. It has risen $17.10 since New Year’s Day.
Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager, cites “world tensions and OPEC concerns” as the reasons for the rising oil prices.