The average price of a gallon of self-serve regular gasoline in Los Angeles County resumed increasing Tuesday, rising three-tenths of a cent to a record $6.462, one day after an 18-day streak of increases totaling 36.9 cents ended when it dropped one-tenth of a cent.
The average price is 6.7 cents more than one week ago, 48.7 cents higher than one month ago and $2.216 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.
The Orange County price was unchanged, remaining at $6.408, one day after a 17-day streak of increases totaling 35.1 cents ended when it dropped two-tenths of a cent. The Orange County average price is 3.6 cents more than one week ago, 46.4 cents higher than one month ago and $2.206 greater than one year ago.
The Los Angeles County average price has increased $1.666 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 $1.631.
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 two-tenths of a cent to $5.016, its 18th consecutive record and 22nd in the last 23 days. It has increased 42.3 cents over the past 23 days, including four-tenths of a cent Monday.
The national average is 9.7 cents more than one week ago, 56.4 cents higher than one month ago and $1.936 greater than one year ago.