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Business Dec 31, 2022
A gasoline truck replenishes a gas station's underground tanks. | Photo courtesy of Rennett Stowe/Flickr (CC BY 2.0)
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By STEVEN HERBERT
The average price of a gallon of self-serve regular gasoline in Los Angeles County was at its second-highest amount to end a year Saturday, despite a recent run of 75 decreases in 79 days totaling $2.069.
The average price rose 1.3 cents Saturday to $4.486, according to figures from the AAA and Oil Price Information Service. It has risen six of the past eight days, increasing 6.1 cents, including 1.5 cents Friday.
The average gasoline price is 5.7 cents more than one week ago but 53.4 cents less than one month ago and 19.4 cents lower than one year ago when it was $4.68, its highest amount to end a year. It is $2.008 less than the record $6.494 set Oct. 5.
The average price was $4.683 on Jan. 1, 2022, the highest amount to begin a new year, then rose to its first record of the year, $4.721, on Feb. 4 because of the switch to summer blend gasoline and higher oil prices, breaking the previous record of $4.716 set Nov. 27, 2021.
Russia’s invasion of Ukraine on Feb. 24 prompted a sharp increase in oil prices and a related rise in gas prices. A 32-day streak of increases totaling $1.283 pushed the average price to a record $6.07 on March 26. A 25-day streak of decreases totaling 28.8 cents followed.
The next record was set May 19, $6.097, the final day of a 22-day streak of rising prices. The average price set records for 16 consecutive days through June 12, climbing to $6.46. The price then dropped 67 consecutive days after rising to a record $6.462 on June 14, dropping $1.124 to $5.338 on Aug. 20.
The average price was unchanged for two consecutive days, then dropped for 11 consecutive days to $5.246 on Sept. 2, its lowest amount since March 4. The next record came on Oct. 3 on the 31st day of what would be a 33-day streak of increases that would push the average price to its high for the year, $6.494 on Oct. 5.
The Orange County average price is also at its second-highest amount to end a year despite a 40-day streak of decreases totaling $1.119 that ended Dec. 23. It rose for the eighth consecutive day Saturday, increasing 2.1 cents to $4.41, 8.3 cents more than one week ago but 48.8 cents less than one month ago and 24 cents lower than one year ago when it was $4.65, its highest amount to end a year.
The national average price rose for the seventh time in eight days following a 44-day streak of decreases totaling 70.9 cents, increasing 1.6 cents to $3.195. It has risen 9.9 cents over the past eight days, including 2 cents Friday.
The national average price is 9.8 cents more than one week ago but 30 cents less than one month ago and 9 cents lower than one year ago. It is $1.821 lower than the record $5.016 set June 14.
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