California Gas Prices: The average price of regular gasoline for self-service in LA County hits $ 4.70, breaking a 9-year-old record

LOS ANGELES (CNS) – The average price of a gallon of self-service regular gasoline in Los Angeles County rose to a record high of $ 4,706 on Wednesday, erasing the 9-year-old record after more than 18 months of increases due to rising demand for easing coronavirus-related restrictions.

The average price fell to its lowest level in 2020 of $ 2,822 on May 5, the lowest amount since New Year’s Day 2017, mainly due to a sharp drop in demand as people reduced driving due to orders to stay at home and higher unemployment as a result of coronavirus outbreaks, according to Jeffrey Spring, Automobile Club of Southern California’s corporate communications manager.

As the restrictions were lifted, demand and prices increased.

The record was also the result of the price of a barrel of West Texas medium crude oil on the New York Mercantile Exchange quadrupling from $ 20.33 in April 2020 to $ 84.65 on October 26, 2021, the highest amount since 2014. It was 78.50 on Tuesday. $.

Crude oil costs account for just over half the pump price, according to the U.S. Energy Information Administration.

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The average price of a gallon of self-service regular gasoline in Los Angeles County has risen 14 of the past 15 days, up 11.5 cents, including two-tenths of a cent today, according to figures from AAA and the Oil Price Information Service. That’s 2.1 cents more than a week ago, 15.2 cents higher than a month ago and $ 1,564 higher than a year ago.

The previous record price of $ 4,705 was set on October 9, 2012.

The average price in Orange County rose two-tenths of a cent to $ 4,676, 1.4 cents less than its record high of $ 4.69, set on October 8, 2012. It has risen 16 days in a row and has risen by 13.1 cents, including a tenth of a cent Tuesday.

The average price in Orange County is 2.2 cents higher than a week ago, 16 cents higher than a month ago and $ 1,565 higher than a year ago.

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Copyright 2021, City News Service, Inc.

Copyright © 2021 by City News Service, Inc. All rights reserved.

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