An 18-day streak of increases to the average price of a gallon of self-serve regular gasoline in Los Angeles County ended Monday when it dropped one-tenth of a cent to $6.459.
The average price rose 36.9 cents during the streak, including two-tenths of a cent Sunday, according to figures from the AAA and the Oil Price Information Service. Records were set each of the past 16 days.
The average price is 9.3 cents more than one week ago, 54 cents higher than one month ago and $2.211 greater than one year ago.
A 17-day streak of increases to the Orange County average price ended with a decrease of two-tenths of a cent to $6.408. It rose 35.1 cents during the streak, including two-tenths of a cent both Saturday and Sunday. Records were set each of the past 16 days.
The Orange County average price is 6.7 cents more than one week ago, 53.4 cents higher than one month ago and $2.205 greater than one year ago.
The Los Angeles County average price has increased $1.663 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager. The Orange County average price has increased $1.631.
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.
The national average price rose four-tenths of a cent to $5.014, its 17th consecutive record and 21st in the last 22 days. It has increased 42.1 cents over the past 22 days, including six-tenths of a cent Sunday.
The national average is 14.9 cents more than one week ago, 58.2 cents higher than one month ago and $1.936 greater than one year ago.