LOS ANGELES (KNX) — The average cost for a gallon of regular gasoline is $5.88 as of Thursday afternoon, up $2 since last year. However, most counties are seeing prices higher than that. And as oil prices rise, industry experts predict that gas prices may stagnate.
Since Monday, the national average for a gallon of regular gasoline has decreased by two cents, according to the American Automotive Association (AAA). But, that good news is useless, AAA said, if the price of oil is on a steady increase.
"At the close of Wednesday’s formal trading session, West Texas Intermediate (WTI) increased by $5.66 to settle at $114.93," AAA said.
The association added that crude prices went up after the Energy Information Administration's (EIA) weekly report revealed "that total domestic crude stocks declined last week by 2.5 million bbl to 413.4 million bbl," or about 18% lower than the level this time last year.
This week, Rystad Energy in Norway predicted that "2 million barrels a day of global oil demand could be lost this year due to the war, sanctions, and inflation," according to a report by the Midland Reporter-Telegram.
This comes amid calls for more production of oil, Rystad Energy said, adding that both factors could take consumption back to levels seen well before the pandemic.
Nationally, the average price for a gallon of regular gasoline is $4.236. And while the average in California is $5.882, here's what people in several southern counties are facing in their region, according to AAA.
Santa Barbara County: $5.938
Ventura County: $6.010
Los Angeles County: $6.032
San Bernardino County: $5.941
Orange County: $5.989
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