Southern Californias gas prices approaching record high; average price in LA County rose to $4.70 – KABC-TV

LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 1.9 cents on Saturday to $4.657, moving within 4.8 cents of the all-time high.

The average price has increased six of the past seven days, rising 6.8 cents, including 1.4 cents Friday, according to figures from the AAA and Oil Price Information Service.

It is 21.2 cents more than one month ago and $1.50 higher than one year ago.

The record high in Los Angeles County is $4.705, set Oct. 9, 2012.

The Orange County average price also rose for the sixth time in seven days, increasing 2.2 cents to $4.627, 6.3 cents less than the record high of $4.69 set Oct. 8, 2012. It has increased 8.5 cents over the past seven days, including 1.4 cents Friday.

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The Orange County average price is 21.8 cents more than one month ago and $1.50 higher than one year ago.

The week-to-week increase in Los Angeles County is higher than the previous two weeks while the Orange County weekly increase is the largest since mid-March because of two factors, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.

“Our sources tell us that some Southern California refineries have had to do unplanned maintenance in recent days which usually reduces the level of production,” Spring told City News Service.

The other factor is the continued high oil price. The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange settled at $80.79 on Friday, 101.3% more than its 52-week low of $40.13, which was hit on Nov. 13, 2020 because of higher demand following the elimination of coronavirus-related restrictions.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

Copyright 2021, City News Service, Inc.

The video above is from a previous report.

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