The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest daily increase since May 1 today, rising 11.1 cents to $3.656.
The Orange County average price recorded its largest daily increase since Feb. 27, rising 12.8 cents to $3.625, according to figures from the AAA and Oil Price Information Service
Marie Montgomery of the Automobile Club of Southern California said she didn’t have an explanation for the rapid price jumps.
“We’ve seen many times before where the wholesale prices spike crazily and then very quickly go back down, so the hope is that this is what will happen here too,” Montgomery told the Orange County Register.
“A panic is going on, then when the buyers (gas station owners) receive more balanced information, the prices go back down very quickly. It’s good for consumers that the retail prices don’t move as often as the wholesale ones do, which can spike and bottom out, one day to the next.”
The average price in Los Angeles County had dropped 48 of the previous 52 days. It is 10.3 cents more than one week ago but 6.5 cents less than a month ago and 50.8 cents lower than one year ago.
The Orange County average price had dropped 50 of the previous 54 days. It is 13.5 cents more than one week ago but 1.4 cents less than a month ago and 52.2 cents lower than one year ago.
