LOS ANGELES (CNS) – The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties again rose to record highs today because of higher oil prices and refineries beginning to ship summer blend gasoline, which is more expensive to produce.
The Los Angeles County average price rose 1.3 cents to $4.734, breaking the previous record set Friday, while the Orange County average price set a record for the third consecutive day, increasing nine-tenths of a cent to $4.715.
The Los Angeles County average price has risen six consecutive days, increasing 6.5 cents, including a half-cent Friday and 2.8 cents Wednesday, its largest daily increase since Feb. 19. It is 6.5 cents more than one week ago, 5.3 cents higher than one month ago and $1.228 greater than one year ago.
The Orange County average price has risen four consecutive days, increasing 6 cents, including seven-tenths of a cent Friday and 3.2 cents Wednesday, its largest daily increase since Nov. 11. It is 6.1 cents more than one week ago, 6.2 cents higher than one month ago and $1.224 greater than one year ago.
On Friday, the price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose to its highest settlement value since Sept. 29, 2014, increasing $2.04 to $92.31. It has risen $17.10 since New Year’s Day.
Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager, cites “world tensions and OPEC concerns” as the reason for the rising oil prices.