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Gas prices at a Chevron station in Monrovia on March 10, 2022. | Photo by Fabiola Diaz/HeySoCal.com
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The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Monday by the smallest amount during a 20-day streak of increases, rising three-tenths of a cent to a record $5.827.
The average price has risen 4.3 cents over the past four days following 13.3-cent increases Wednesday and Thursday, according to figures from the AAA and Oil Price Information Service. It has risen $1.04 over the past 20 days, setting 20 consecutive record highs.
The average price is 39.8 cents more than one week ago, $1.062 higher than one month ago and $1.937 greater than one year ago.
The Orange County average price matched its smallest increase during a 23-day streak of increases, rising one-tenth of a cent to a record $5.799. It has risen $1.039 during the streak, including 4.2 cents over the past four days following an 11.3-cent increase Thursday.
The Orange County average price is 37.3 cents more than one week ago, $1.061 higher than one month ago and $1.922 greater than one year ago.
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and “encourage other OPEC members to do the same,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.
