LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its second-largest increase since July 14, 2015, today, rising 12.8 cents to $5.375, its 28th record in 30 days.
Each of the four highest increases since July 14, 2015, have occurred over the past four days. The average price rose 8.6 cents Thursday, 13.8 cents Friday and 9.5 cents Saturday, according to figures from the AAA and Oil Price Information Service.
The Los Angeles County average price has risen 32 times in 35 days, increasing 70.6 cents. It is 49.6 cents more than one week ago, 63.4 cents higher than one month ago and $1.585 greater than one year ago.
The Orange County average price also posted its second-largest increase since July 14, 2015, rising 14.1 cents to $5.379, its 27th record in 32 days. Each of its four highest increases since July 14, 2015, have occurred over the past four days -- 8.6 cents Thursday, 14.5 cents Friday and 10.3 cents Saturday.
The Orange County average price has increased 22 of the past 24 days, rising 65.7 cents. The Orange County average price is 52.5 cents more than one week ago, 66.4 cents higher than one month ago and $1.601 greater than one year ago.
Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.
The price spike ``is not exactly surprising -- it is the cost of choking off Russia from energy revenue,'' said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.