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Average Price Of Gallon Of Self-Serve Regular Gas Rose

Gas prices continue to drop.
Gas prices news.

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the 32nd consecutive day, increasing three-tenths of a cent to $2.868.

The average price has risen 50.7 cents over the past 32 days, including seven-tenths of a cent on Sunday, according to figures from the AAA and Oil Price Information Service.

The Los Angeles County average price is 8.3 cents higher than one week ago and 34.4 cents greater than one month ago. However, it is 39.5 cents less than one year ago, after dropping 71.4 cents during the stretch of 49 decreases in 50 days that immediately preceded the increases.

The average price dropped to its lowest amount since May 6, 2009, before the increases began on Feb. 26.

The Orange County average price increased today for the 31st time in 32 days, increasing three-tenths of a cent to $2.858. It has risen 51.2 cents over the past 32 days, including 1.1 cents on Sunday, and is 8.9 cents higher than one week ago and 35 cents greater than one month ago.

However, it is 36.4 cents less than one year ago after dropping 72.3 cents during the stretch of 49 decreases in 50 days that immediately preceded the increases, falling to its lowest amount since May 5, 2009.

The increasing pump prices are the result of higher crude oil prices stemming from reduced domestic production prompted by lower profitability, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.

The price of crude oil accounts for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull, vice president, strategic communications, of the Western States Petroleum Association, a trade association representing major oil companies in five Western states.

 

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