A scorching summer heat wave is causing gas prices to soar past the $5 mark in the region, as reported by AAA.
In Los Angeles County, the average price of a regular gallon of gas has been steadily increasing for nine consecutive days, now reaching $5.11. This is the highest price since November 28th.
Orange County is also experiencing a surge in gas prices, with the average price now at $5.045, the highest since November 24th. Prices in the county have been steadily rising for six days, totaling a 12.5 cent increase.
Riverside County is facing a similar situation, with prices reaching their highest point since November 28th. On Tuesday, prices rose by 1.8 cents, now standing at $4.979. Nearby San Bernardino has also seen a new high since last year, with an average price of $5.005.
The national average price has risen for 14 consecutive days, increasing by 2.3 cents to reach $3.78. Over the past 14 days, it has gone up by 21.7 cents, including a half-cent rise on Monday. While it is 14.4 cents higher than one week ago and 24.2 cents higher than one month ago, it remains 43.2 cents lower than last year.
Patrick De Hagan, Head of Petroleum Analysis at GasBuddy, explains, “Gas prices suddenly skyrocketed in the past week due to heat-related refinery outages affecting some of the largest refineries in the country. This occurred during peak summer gasoline demand and as gasoline inventories reached their lowest level for July since 2015.” GasBuddy provides real-time gas price information from over 150,000 stations.
Furthermore, oil prices have surged to their highest level in months, exceeding $80 per barrel, due to the ending of Strategic Petroleum Reserve releases and concerns about supply cuts from the second and third largest oil producers, Saudi Arabia and Russia.
De Hagan adds, “Motorists have witnessed gasoline and diesel prices rise at the fastest pace in over a year, but this recent surge should start to slow down. However, as we approach the peak of hurricane season, any new complications could easily push the national average over $4 per gallon for the first time in 2023.”
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