Gas Prices In Los Angeles County Rise For 19th Consecutive Day, Averaging $4.57 Per Gallon Of Regular
LOS ANGELES (CBSLA) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the 19th consecutive day.
The price increased four-tenths of a cent to $4.579, its highest amount since Oct. 18, 2012.
The average price has increased 14.2 cents over the past 19 days, including four-tenths of a cent on Friday, according to figures from the AAA and Oil Price Information Service. It is 3.2 cents more than one week ago, 16.9 cents higher than one month ago and $1.41 greater than one year ago.
The Orange County average price resumed increasing Saturday one day after a run of 16 increases in 17 days totaling 13 cents ended when it was unchanged Friday, rising three-tenths of a cent to $4.537, also its highest amount since Oct. 18, 2012.
The Orange County average price is 2.4 cents more than one week ago, 16.9 cents higher than one month ago and $1.40 greater than one year ago.
The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has increased 133.5% from its 52-week low of $35.79 on Oct. 30, 2020, to $83.57 Friday because of higher demand following the elimination of coronavirus-related restrictions.
Friday's settlement value is the fifth-highest of the year. It has risen three of the past four sessions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)