LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose one-tenth of a cent today, the fourth consecutive day it has changed by one-tenth of a cent or been unchanged.
The average price of $4.393 is 1.4 cents higher than one week ago, 4.1 cents more than one month ago and $1.187 greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen $1.161 since the start of the year.
The average price dropped one-tenth of a cent on Sunday, rose one-tenth of a cent Monday and was unchanged Tuesday.
The Orange County average price also rose one-tenth of a cent, the fourth consecutive day it has changed by one-tenth of a cent. The average priceof $4.362 is 1.3 cents higher than one week ago, 4.7 cents more than one month ago and $1.17 greater than one year ago. It has risen $1.154 since the start of the year.
The Orange County average price dropped one-tenth of a cent on Sunday and Tuesday and rose one-tenth of a cent on Monday.
A key reason gasoline prices are increasing more slowly is the lower price of oil. The price of a barrel of West Texas intermediate crude closed at $66.64 on the New York Mercantile Exchange on Tuesday. It closed at $73.95 July 30.
As of January 2019, crude oil costs accounted for 53 percent of the pump price, according to the U.S. Energy Information Administration.
“As the number of COVID cases continues to surge globally, oil prices continue to be under pressure due to some countries instituting travel and movement limitations,'' said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“This limits oil demand, which has led to the increase in gas prices slowing."
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