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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose two-tenths of a cent today to $4.443, one day after dropping one-tenth of a cent.
The average price is at its highest amount since Oct. 23, 2012, and 2.1 cents more than one week ago, 3.9 cents higher than one month ago and $1.247 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.
The Orange County average price rose six-tenths of a cent to $4.409, one day after dropping six-tenths of a cent. It is 2.2 cents more than one week ago, 4.6 cents higher than one month ago and $1.249 greater than one year ago.
“Last week saw oil prices advance to their highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level. The nation's gas prices were also pushed to their highest since 2014, all on OPEC's decision not to raise production more than it already agreed to in July,'' said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can't slow their appetite for fuels, we've got no place for prices to go but up.''
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange closed Monday at its highest amount since 2014, $80.52.
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