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Business Aug 19, 2023
Gas station in Los Angeles at Fairfax Avenue and Olympic Boulevard. | Photo courtesy of Chris Yarzab/Wikimedia Commons (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 recorded its largest daily increase since Oct. 1 Saturday, rising 3.9 cents to $5.329, its highest amount since Nov. 19.
The average price has risen for 27 consecutive days, increasing 35.7 cents, including 2.1 cents Friday, according to figures from the AAA and the Oil Price Information Service. The streak of increases follows a run of six decreases in seven days totaling 2.2 cents.
The average gasoline price is 11.3 cents more than one week ago and 34.3 cents higher than one month ago but 1.6 cents less than one year ago. It has dropped $1.165 since rising to a record $6.494 on Oct. 5.
The Orange County average price recorded its largest daily increase since Sept. 30, raising 4.5 cents to $5.284, it highest amount since Nov. 18. It has increased 18 times in 19 days, rising 26 cents, including 2.4 cents Friday.
The Orange County average price is 11.4 cents more than one week ago, 37.5 cents higher than one month ago and 4.5 cents above what it was one year ago. It has dropped $1.175 since rising to a record $6.459 on Oct. 5.
The average gasoline price in Riverside County recorded its largest daily increase since Feb. 17 on Saturday for the second consecutive day, rising 3.5 cents to $5.209, its highest amount since Nov. 20.
The average price has risen for 28 consecutive days, increasing 36.7 cents, including 3 cents Friday, according to figures from the AAA and the Oil Price Information Service. The streak of increases follows a run of six decreases in seven days totaling 1.7 cents.
The Riverside County average price is 11 cents more than one week ago and 36 cents higher than one month ago, but eight-tenths of a cent less than one year ago. It has dropped $1.164 since rising to a record $6.373 on Oct. 5.
The national average gasoline price dropped for the second consecutive day following a run of 26 increases in 30 days totaling 31.2 cents, decreasing four-tenths of a cent to $3.869. It is 2.3 cents more than one week ago and 30 cents higher than one month ago but 4.9 cents less than one year ago.
The national average price has dropped $1.147 since rising to a record $5.016 on June 14, 2022.
The potential for hurricane developments and forecasts of an expanding heat dome over Texas, Oklahoma and Kansas next week could push oil prices higher, according to Andrew Gross, an AAA national public relations manager. Refineries in those states may have to curb production to deal with the sizzling temperatures, Gross said.
The cost of oil accounts for more than 50% of the pump price, according to Gross.
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