LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose eight-tenths of a cent today to $2.875, its 10th increase in the past 12 days.
The average price is 2.6 cents more than one week ago, but 2.7 cents less than one month ago and $1.16 cheaper than one year ago, according to figures from the AAA and Oil Price Information Service.
The Orange County average price rose for the 12th consecutive day, increasing a half-cent to $2.839. It is 3.4 cents more than one week ago, but 3 cents less than one month ago and $1.17 cheaper than one year ago.
“Vehicle traffic in Southern California has increased incrementally over the past few weeks, and refineries are still producing gasoline at a much lower rate compared to last year to help draw down inventory,” said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
“Combine these trends with an increase in oil prices, and the result is that gas prices changed course over the past week and increased.”
Refineries decreased production because “demand evaporated in late March and April” as driving reduced because of Gov. Gavin Newsom's stay-at- home order, Spring said.
“If refiners had continued at higher capacity that they were running at, they would have soon run out of storage capacity, because few people were buying gasoline,” Spring told City News Service. “Reduced production reduces inventory and helps to balance out the system.”
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