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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the ninth consecutive day, increasing 1.4 cents to $4.525, its highest amount since Oct. 20, 2012.
The average price has increased 8.4 cents over the past nine days, including a half-cent on Monday, according to figures from the AAA and the Oil Price Information Service. It is 8 cents more than one week ago, 10.5 cents higher than one month ago and $1.341 greater than one year ago
The record price is $4.705, set on Oct. 9, 2012.
The Orange County average price rose for the eighth time in nine days, increasing 1.8 cents to $4.499, its highest amount since Oct. 20, 2012. It has risen 9.5 cents over the past nine days, including three-tenths of a cent on Monday.
The Orange County average price is 9 cents more than one week ago, 14.5 cents higher than one month ago and $1.35 greater than one year ago.
The Orange County record price is $4.69 set on Oct. 8, 2012.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
“Even higher gas prices'' are expected “in the weeks ahead,'' because of “OPEC holding back oil production and strong global oil demand,'' according to Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“Until several bottlenecks ease, including supply chains and low global inventories of oil, natural gas and coal, we'll be stuck feeling the pinch of rising oil and gasoline prices,'' De Haan said. “The bad news is that for now, all I see is the upward trend at the pump continuing into the weeks ahead with no sign of relief just yet.''
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