LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose a half-cent today to $3.673, one day after dropping one-tenth of a cent.
The average price is two-tenths of a cent more than one week ago and 75.1 cents higher than one year ago but 7.5 cents less than one month ago, according to figures from the AAA and Oil Price Information Service. It has risen 52.3 cents since the start of the year.
The Orange County average price rose four-tenths of a cent today to $3.614, one day after increasing one-tenth of a cent. It is unchanged from one week ago and 9.2 cents lower than one month ago but 72.3 cents higher than one year ago. It has risen 49.8 cents since the start of the year.
The increasing price for oil is ``the basic reason that gas prices have been so much higher than in 2017,” Marie Montgomery of the Automobile Club of Southern California told City News Service.
"Oil prices have moved up significantly in the last two weeks to their highest levels since 2014 because worldwide demand is strong,” Montgomery said.
"Although Saudi Arabia has pledged to increase production, Iran sanctions as well as some oil distribution problems from Canada to the U.S. are reportedly causing supply worries. Also Venezuelan oil production has plummeted, leaving a gap in worldwide supply.”
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to the Western States Petroleum Association, a trade association representing oil companies in six western states.
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