The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since April 27 Wednesday, dropping six-tenths of a cent to $6.091 after being unchanged or changing by one-tenth of a cent for five consecutive days.
The average price is two-tenths of a cent more than one week ago and 30.6 cents higher than one month ago and $1.902 greater than one year ago, according to figures from the AAA and Oil Price Information Service.
The Orange County average price recorded its largest decrease since April 26, dropping nine-tenths of a cent to $6.061 after decreasing by one-tenth of a cent on back-to-back days. It is 1.2 cents less than one week ago but 33.7 cents more than one month ago and $1.916 higher than one year ago.
The Los Angeles County average price has increased $1.295 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 $1.284.
The price of a barrel of front month crude on ICE Futures Europe settled at $113.56 Tuesday, a 14-cent increase from Monday. It has increased $16.72 since the invasion, a 17.3% increase.
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.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.
The national average price rose one-tenth of a cent to $4.599, its 14th record in 16 days.