The average price of a gallon of self-serve regular gasoline in Los Angeles County continues to set records, rising at the start of the week 1.5 cents to $6.366, extending its streak of increases to 12 consecutive days.
The average price rose 27.5 cents over the past 12 days, including 3 cents on June 5, according to figures from the American Automobile Assn. (AAA) and the Oil Price Information Service. It is 20.4 cents more than one week ago, 51.4 cents higher than one month ago and $2.125 greater than one year ago.
The Orange County average price set a record for the 10th consecutive day, rising 1.1 cents to $6.341, extending its streak of increases to 11 consecutive days. It has risen 28.2 cents over the past 11 days, including 2.4 cents on June 5.
The Orange County average price is 19.8 cents more than one week ago, 54 cents higher than one month ago and $2.146 greater than one year ago.
The Los Angeles County average price has increased $1.57 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 $1.564.
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 1.7 cents to a record $4.865.
“Supply and demand dynamics have contributed to rising pump prices,” Gross said. “Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.”