Photo: Getty Images North America
LOS ANGELES (CNS) - An increase of one-tenth of a cent today was enough to push the average price of a gallon of self-serve regular gasoline in Los Angeles County to its highest amount since July 21, 2015.
The average price has risen seven of the past eight days – three times by one-tenth of a cent -- increasing 1.3 cents, according to figures from the AAA and Oil Price Information Service. It is 1.1 cents more than one week ago, 7.2 cents higher than one month ago and $1.197 greater than one year ago.
The average price has risen $1.027 since the start of the year, mainly because of a run of 59 increases in 60 days totaling 57.9 cents that ended March 21. The increases were driven by “higher oil prices and higher demand,'' said Marie Montgomery, a public relations specialist with the Automobile Club of Southern California.
Monday's price was the highest since Oct. 7, 2019.
The Orange County average price rose six-tenths of a cent to $4.22, its highest amount since Oct. 8, 2019. It is 1.6 cents more than one week ago, 8.2 cents higher than one month ago and $1.182 greater than one year ago.
The Orange County average price has risen $1.012 since the start of the year, mainly because of a run of 72 increases in 73 days totaling 68.1 cents that ended March 20.
The large price increases from one year ago are the result of significant decreases during the early stage of the coronavirus pandemic, when driving and demand dropped substantially because of stay-at-home orders intended to reduce the spread of the virus.
Copyright 2021, City News Service, Inc.