LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Sunday for the fifth time in six days, increasing seven-tenths of a cent to $4.871, one day after rising two- tenths of a cent.
The average price has increased 2 cents over the past six days and since one week ago but is 1.8 cents less than one month ago and $1.128 lower than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.623 since rising to a record $6.494 on Oct. 5.
The Orange County average price rose for the fourth time in six days, increasing nine-tenths of a cent to $4.83, after dropping one-tenth of a cent each of the previous two days. It has risen 2.8 cents over the past six days and 2.5 cents since one week ago but is 3.8 cents less than one month ago and $1.117 lower than one year ago.
The Orange County average price has dropped $1.629 since rising to a record $6.459 on Oct. 5.
The national average price rose one-tenth of a cent to $3.505, its fifth consecutive increase. It has risen 7 cents over the past five days and 6.6 cents since one week ago, including three-tenths of a cent Saturday. It is 13.1 cents more than one month ago, 69.5 cents less than one year ago and has dropped $1.511 since rising to a record $5.016 on June 14.
Saudi Arabia will cut oil production by 500,000 barrels per day from May until the end of the year in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation, a Ministry of Energy official announced Sunday.
The move will likely cause increases in oil and gas prices. This voluntary cut is in addition to the reduction in production agreed to at the 33rd OPEC and non-OPEC ministerial meeting on Oct. 5 of last year.
The official emphasized the production cut "is a precautionary measure aimed at supporting the stability of the oil market."