With hundreds of thousands of people hitting the road for the upcoming Memorial Day weekend, people won't see any relief at the pump as gas prices have skyrocketed in recent weeks. The average price of a gallon of self-serve gasoline in Los Angeles went up two-tenths of a cent today to $3.761, one day after another increase of one-tenth of a cent. That brings the average price of a gallon of self-serve to its highest amount since August of 2015.
To put it in perspective - the average price is 1.3 cents more than one week ago, 11.5 cents higher than one month ago and 69.2 cents greater than one year according to AAA and Oil Price Information Service. Since the beginning of 2018, commuters have seen an incredible 61.1 cents increase in price.
Orange County doesn't fare much better. The average price of a gallon of self-serve gasoline went up a half-cent on Friday to $3.733, one day after increasing two-tenths of a cent. Prices are at its highest amount since August 2015 and have gone up at least 2 cents since last week.
"Wholesale gas prices have retreated slightly from their 52-week high point reached on May 10, but so far that hasn't been enough to push down prices at the pump,'' said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
While Southern California always hold a special place in high gas prices thanks to special blends and other environmental considerations, the rest of the nation is also confront high gas prices as people head out for their Memorial Day road trips. The average price for a gallon of self-serve regular is up to $2.93 across the U.S. up from $2.36 a year ago according to AAA.
If the increase in prices holds, it's estimated to cost U.S. households an additional $38 billion this year according to an analysis from Morgan Stanley. Many analysts say they expect the hike in prices to be temporary, citing a decline in uncertainty in the Middle East, but it's worth noting that the U.S. has become far less dependent on imports for oil than it has been in the past.
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