The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Wednesday for the 22nd consecutive day, increasing 4 cents to a record $5.876, one day after rising nine-tenths of a cent.
The average price has increased $1.089 during the streak, setting a record each day, according to figures from the AAA and Oil Price Information Service. It is 22.5 cents more than one week ago, $1.097 higher than one month ago and $1.972 greater than one year ago.
The Orange County average price rose for the 25th consecutive day, increasing 4.2 cents to a record $5.842, after back-to-back increases of one- tenth of a cent. It has risen $1.082 during the streak.
The Orange County average price is 19.8 cents more than one week ago, $1.087 higher than one month ago and $1.949 greater than one year ago.
“It bears reminding that the cost of oil accounts for about 50% of what drivers pay at the pump,” said Doug Shupe, the Automobile Club of Southern California‘s corporate communications manager.
“This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices.”
The price of a barrel of Brent crude has dropped 21.9% on ICE Futures Europe since rising to $127.98 March 8, its highest amount since July 22, 2008, settling at $99.91 Tuesday, dropping $6.99 for the session.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.
