LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest increase since April 27 today, rising 1.7 cents to $3.744 after dropping 51 times in the previous 58 days to its lowest amount since April 2.
The average price is one-tenth of a cent more than one week ago and 7.7 cents higher than one year ago but 23 cents less than one month ago, according to figures from the AAA and Oil Price Information Service.
The average price dropped 50 times in 56 days and was unchanged the other six days before rising four-tenths of a cent on Wednesday. It decreased one-tenth of a cent Thursday.
The Orange County average price recorded its largest increase since April 27 today, rising 2.3 cents to $3.702. It has increased four consecutive days after dropping 46 of the previous 48 days to its lowest amount since April 2.
The Orange County average price is 1.1 cents more than one week ago and 8.6 cents higher than one year ago but 24.5 cents less than one month ago.
“Los Angeles wholesale gasoline prices jumped this week on news that after five weeks of inventory buildup on the West Coast, gasoline supplies declined in the last week,” said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
“Demand is being at least partially fueled by the all-time record 3.5 million Southern Californians expected to travel over the Independence Day holiday, a 3.9% increase from last year.”
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