LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the seventh time in nine days, increasing four-tenths of a cent to $2.863.
The average price has risen 4.1 cents over the past nine days after dropping to its lowest amount since Jan. 1, 2017, according to figures from the AAA and Oil Price Information Service. It was unchanged on Wednesday.
The average price is 3.7 cents more than a week ago but 7.2 cents less than a month ago and $1.203 lower than one year ago. It has decreased 75.4 cents since the start of the year.
The Orange County average price rose for the ninth consecutive day today, increasing three-tenths of a cent to $2.817. It has risen 4.7 cents over the past nine days, including a half-cent on Wednesday, after dropping 68 of the previous 70 days to its lowest amount since Dec. 28, 2016, decreasing 74.9 cents.
The Orange County average price is 4.2 cents more than one week ago but 9.2 cents less than one month ago and $1.217 lower than one year ago. It has dropped 72.8 cents since the start of the year.
The rising prices are the result of people driving more and refineries having decreased production to between 50-60% of capacity, according to Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager. The crude oil price and supply and demand are the most important factors in the gas price.
The crude oil price is also rising because producers Saudi Arabia, other OPEC nations and the major oil companies “have slowed taking oil out of the ground and the market's anticipation that more product will be needed as driving volumes increase,” Spring told City News Service.
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