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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record high today for the third consecutive day because of higher oil prices and refineries beginning to ship summer blend gasoline, which is more expensive to produce.
The average price rose seven-tenths of a cent to $4.741, according to figures from the AAA and Oil Price Information Service. It has risen seven consecutive days, increasing 7.2 cents, including 1.3 cents Saturday and 2.8 cents Wednesday, its largest daily increase since Feb. 19.
The average price is 7.2 cents more than one week ago, 6.2 cents higher than one month ago and $1.23 greater than one year ago.
After rising to record highs for three consecutive days, the Orange County average price was unchanged, ending a four-day streak of increases totaling 6 cents. The Orange County average price of $4.715 is 6.1 cents more than one week ago, 6.5 cents higher than one month ago and $1.221 greater than one year ago.
On Friday, the price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose to its highest settlement value since Sept. 29, 2014, increasing $2.04 to $92.31. It has risen $17.10 since New Year's Day.
Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager, cites ``world tensions and OPEC concerns'' as the reasons for the rising oil prices.