Southland Gas Prices Record Smallest Increase Since March 1
LOS ANGELES (CBSLA) - The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its smallest increase since March 1 Saturday, rising 1.2 cents to a record $5.814.
Following 13.3-cent increases Wednesday and Thursday, the average price rose 1.8 cents Friday, according to figures from the AAA and Oil Price Information Service. It has risen 18 consecutive days, increasing $1.027, setting 18 consecutive record highs. The average price is 56.7 cents more than one week ago, $1.06 higher than one month ago and $1.952 greater than one year ago.
The Orange County average price also recorded its smallest increase since March 1, rising 1.5 cents to a record $5.789. It has risen 21 consecutive days, increasing $1.029, including 1.7 cents Friday and 11.3 cents Thursday, setting 21 consecutive records.
The Orange County average price is 55.1 cents more than one week ago, $1.059 higher than one month ago and $1.933 greater than one year ago.
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and "encourage other OPEC members to do the same," said Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager.
After rising to $127.98 Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
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.