Average Southland Gas Prices Record Largest Weekly Increases Since March


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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 11th consecutive day, spurring the largest week-to-week increase since March.

The average price rose eighth-tenths of a cent to $4.543, 7.9 cents more than one week ago, according to figures from the AAA and Oil Price Information Service. It has increased 10.2 cents over the past 11 days, including 1 cent Thursday, to its highest amount since Oct. 19, 2012.

The average price is 14.6 cents higher than one month ago and $1.361 greater than one year ago.

The Orange County average price rose for the 10th time in 11 days, increasing three-tenths of a cent to $4.507, and also recorded its largest week-to-week increase since March, 7.6 cents.

The Orange County average price has increased 10.3 cents over the past 11 days, including a half-cent Thursday, to its highest amount since Oct. 19, 2012. It is 15 cents higher than one month ago and $1.364 greater than one year ago.

“This is the biggest week-over-week price jump since March and there is not one obvious reason for it other than oil prices reaching multi-year highs, which has also affected pump prices around the U.S.,'' said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.

A five-day streak of increases that had pushed the price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange to its highest settlement price since Oct. 13, 2014, ended Thursday with a decrease of 92 cents to $82.50, its third-highest settlement value of the year.

The crude oil price has increased 130.51% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

Copyright 2021, City News Service, Inc.


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