The price of self-serve regular gasoline in Los Angeles County continues to rise, reaching its highest level since October 17. On Wednesday, the average price increased by 4.2 cents to $6.069 per gallon. This marks the 54th increase in the past 59 days. Over the last 59 days, the average price has gone up by $1.096, with a notable increase of 11.2 cents on Tuesday when it surpassed $6 for the first time since October 18. Compared to a week ago, the current average price is 48.6 cents higher, 72.4 cents higher than a month ago, and 60.9 cents higher than last year.
On the other hand, the average price of gasoline in Orange County also continues to rise, hitting its highest point since October 14. The price increased by 2.3 cents to $6.045 per gallon, marking the 52nd increase in the past 58 days. Over the last 58 days, the average price in Orange County has gone up by $1.144. Similar to Los Angeles County, the average price surpassed $6 on Tuesday for the first time since October 16. Compared to a week ago, the average price in Orange County is now 48.9 cents higher, 74.5 cents higher than a month ago, and 61.5 cents higher than last year. Both counties have experienced a drop in prices since reaching record highs in early October, with Orange County dropping by 41.4 cents and Los Angeles County dropping by 42.5 cents.
These price increases can be attributed to multiple factors including rising crude oil prices due to supply cuts in Saudi Arabia and Russia, concerns over disruptions to oil exports from Libya caused by deadly flooding, and refinery issues in Southern California leading to lower inventory. Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, expressed hope that relief may come at the end of this month when gasoline cargoes are expected to arrive on the West Coast.
In contrast, the national average price of gasoline dropped slightly by half a cent to $3.875 per gallon. This marks a break in the 11-day streak of price increases totaling 7.8 cents. However, the national average price is still 2.7 cents higher than a week ago, 0.9 cents higher than a month ago, and 20.1 cents higher than last year. Compared to its record high of $5.016 on June 14, 2022, the national average price has dropped by $1.141.
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