Gas Prices In The Southland Rise For 8th Straight Day
LOS ANGELES (CBS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Wednesday for the eighth consecutive day.
The price increased four-tenths of a cent to $4.053, the highest since Aug. 15, 2008.
The average price is 7.3 cents higher than a week ago, 28.5 cents above what it was one month ago and 95.8 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price is 57.3 cents less than the record high of $4.626 set on June 21, 2008.
The Orange County average price also rose for the eighth consecutive day, increasing four-tenths of a cent today to $4.04, the most since Aug. 13, 2008.
The Orange County average price is 7.3 cents more than a week ago, 28 cents higher than one month ago and 94.6 cents above what it was one year ago, but 55.8 cents less than the record high of $4.598 set on June 19, 2008.
The news from the Inland Empire is just about the same. The average price of a gallon of self-serve regular gasoline in the IE rose today for the eighth consecutive day, increasing four-tenths of a cent to $4.025, the most since Aug. 14, 2008.
The average price in Riverside and San Bernardino counties is 7 cents above what it was one week ago, 27.8 cents higher than one month ago and 92.8 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price is 58.9 cents less than the record high of $4.614 set on June 22, 2008.
The increases are the result of higher crude oil prices, according to Jeffrey Spring of the Automobile Club of Southern California.
Although the price of a barrel of oil has fallen in recent days, it had risen to its highest amount in more than two years because of "all of the unrest in the Middle East and North Africa" and "the growing economy worldwide," leading to increased demand, Spring said.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
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