Los Angeles County Average Gasoline Price Increases for Eighth Consecutive Day

Los Angeles County’s average gasoline price today gained a penny to $3.777 per gallon, posting an increase for the eighth straight day.

The figures of the AAA and OPIS shows that the average price of self-serve regular unleaded gas gained a total of $0.085 including the latest increase of $0.011 over the last eight days. The gasoline price today is higher by $0.079 compared to over a week ago, but is lower by $0.174 and $0.043 versus last month and last year respectively.

Orange County’s current gas prices also increased for the eighth straight day by $0.080 to $3.748 per gallon. This rate is higher by $0.094 versus a week ago but lower than last month and last year by $0.157 and $0.057, respectively.

Over the last eight days the average gas price in the Orange County has increased by $0.105, including a recent gain of $0.013. Jeffrey Spring of Southern California’s Automobile Club said that the increase in the current gas prices is caused by a higher crude price per barrel.

The increase in the price of crude oil has been partly attributed to tensions in the Middle East.

In the NYMEX, West Texas Intermediate’s crude price per barrel recently increased by $2.79 from its eight-month low last June 28 of $77.69 to its highest closing price since May of $92.66. The consecutive increases for seven days is the longest since the 24th of February.

According to Tupper Hull, the price of crude accounts for 66 percent to 75 percent of gasoline prices.

By: Chris Termeer