Up 48.6 cents in one week
The average price of a gallon of self-serve regular gasoline in Los Angeles County has risen at midweek for the 54th time in 59 days, increasing 4.2 cents to $6.069, its highest amount since Oct. 17.
The average price has increased $1.096 over the past 59 days, including 11.2 cents Tuesday when it topped $6 for the first time since Oct. 18, according to figures from the AAA and Oil Price Information Service. It is 48.6 cents more than one week ago, 72.4 cents higher than one month ago and 60.9 cents above what it was one year ago.
The average price has dropped 42.5 cents since rising to a record $6.494 on Oct. 5.
The Orange County average price rose for the 52nd time in 58 days, increasing 2.3 cents to $6.045, its highest amount since Oct. 14. It has risen $1.144 over the past 58 days, including 11 cents Tuesday when it topped $6 for the first time since Oct. 16.
The Orange County average price is 48.9 cents more than one week ago, 74.5 cents higher than one month ago and 61.5 cents above what it was one year ago. It has dropped 41.4 cents since rising to a record $6.459 on Oct. 5.
The increasing pump prices are the result of rising crude oil prices stemming from ``oil supply cuts in Saudi Arabia and Russia, plus concerns over disruptions to oil exports from Libya following deadly flooding’’ and “refinery issues in Southern California’’ which have led to lower inventory, said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager. “It is hopeful we will see relief as early as the end of this month when some gasoline cargoes are likely to end up on the West Coast,’’ Shupe said.
The national average price dropped a half-cent to $3.875, one day after an 11-day streak of increases totaling 7.8 cents ended when it decreased one-tenth of a cent. It is 2.7 cents more than one week ago, nine-tenths of a cent higher than one month ago and 20.1 cents above what it was one year ago.
The national average price has dropped $1.141 since rising to a record $5.016 on June 14, 2022.