June 20, 2024 10:46 am

The Price of Gas in LA County Rises to Highest Amount Since November

For the 22nd day in a row and the 25th time in 26 days, the average cost of a gallon of self-serve regular gasoline in Los Angeles County increased on Tuesday, rising by 1.5 cents to $5.342, the highest price since November 1.

The AAA and Oil Price Information Service data show that the average price has increased by 41.2 cents over the previous 26 days, including six tenths of a cent on Monday. It increased for three days in a row, decreased by a tenth of a cent on March 18, and then started to rise again on March 19.

The average price has increased by 17.9 cents from a week ago, 40.4 cents from a month ago, and 41.2 cents from a year ago. Since it increased to a record $6.494 on October 5, 2022, it has decreased by $1.093.

For the twenty-second day in a row and the twenty-sixth time in a row, the Orange County average price increased as well, rising 1.4 cents to $5.313, the highest level since October 25. Over the previous 26 days, it has increased by 43.4 cents, including two tenths of a cent on Monday.

The average price in Orange County has increased by 18.8 cents from a week ago, 42.3 cents from a month ago, and 40 cents from a year ago. Since it increased to a record $6.459 on October 5, 2022, it has decreased by $1.416.

For the sixth day in a row, the national average price increased, rising by 1 cent to $3.608. Over the previous seven days, it has increased by 7.3 cents, including a half-cent on Monday.

The average price nationwide has increased by 21.1 cents from a month ago and by seven-tenths of a cent from a year ago. Since peaking at a record $5.016 on June 14, 2022, it has decreased by $1.408.

The West Coast’s substantial refinery maintenance has caused a notable increase in gas prices, as stated by Patrick De Haan, head of petroleum analysis at GasBuddy, which offers real-time gas pricing information from more than 150,000 stations. “After a brief break, gas prices have leapt back up,” De Haan added.

Over the past week, costs have decreased in just a few states. In addition to the seasonal factors that drive up prices, such as refinery maintenance, the switch to summer gasoline, and rising demand, we are also facing rising crude oil prices as OPEC’s production cuts continue to cause declining global oil inventories, with escalations between Iran and Israel adding to concerns of further destabilization. Last week, oil prices rose to nearly $87 per barrel, their highest since October.

“Gas prices on the West Coast are probably going to keep rising, and in about a week, the Northeast and mid-Atlantic states will follow suit as they finish converting to summer fuel.”