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Business Jun 11, 2022
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The average price of a gallon of self-serve regular gasoline in Los Angeles County set a record Saturday for the 15th consecutive day, rising 1.3 cents to $6.458, extending its streak of increases to 17 consecutive days.
The average price has risen 36.7 cents over the past 17 days, including 2.1 cents Friday, according to figures from the AAA and the Oil Price Information Service. It is 13.7 cents more than one week ago, 56.7 cents higher than one month ago and $2.211 greater than one year ago.
An increase of two-tenths of a cent to $6.408 gave Orange County a record for the 15th consecutive day and extended its streak of increases to 16 consecutive days. It has risen 34.9 cents over the past 16 days, including 1.7 cents Friday.
The Orange County average price is 10.2 cents more than one week ago, 57.2 cents higher than one month ago and $2.206 greater than one year ago.
The Los Angeles County average price has increased $1.662 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager. The Orange County average price has increased $1.631.
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.
The national average price rose 1.8 cents to $5.004, its 15th consecutive record and 19th in 20 days. It has increased 41.1 cents over the past 20 days, including 1.6 cents Friday.
The national average is 18.5 cents more than one week ago, 60 cents higher than one month ago and $1.927 greater than one year ago.
