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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 26th consecutive day, increasing 1.5 cents to a record $5.981, one day after rising 5.9 cents.
The average price has increased $1.194 during the streak, setting a record each day, according to figures from the AAA and Oil Price Information Service. It is 15.7 cents more than one week ago, $1.195 higher than one month ago and $2.054 greater than one year ago.
The Orange County average price rose for the 29th consecutive day, increasing 2.3 cents to a record $5.945, one day after increasing 5.4 cents. It has risen $1.185 during the streak.
The Orange County average price is 14.7 cents more than one week ago, $1.182 higher than one month ago and $2.042 greater than one year ago.
The Los Angeles County average price has risen 14.5 cents over the past five days after increasing by 5.2 cents the preceding five days, while the Orange County average price has risen 14.5 cents over the past five days after increasing by 4.4 cents the preceding four days.
The larger increases are the result of rebounding crude oil prices caused by a lack of commitment from OPEC to raise production levels despite requests by the United States and United Kingdom, as well as a supply issue stemming from the Torrance PBF refinery having issues restarting a key unit that went offline after a March 6 power outage, according to Marie Montgomery, a public relations specialist with the Automobile Club of Southern California.