LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Monday for the 25th time in 28 days, increasing to $4.886, its 22nd record in 25 days.
The average price has risen 21.5 cents over the past 28 days, including 1.2 cents Sunday, according to figures from the American Automobile Association and Oil Price Information Service. It is 9.8 cents more than one week ago, 21.9 cents higher than one month ago and $1.141 greater than one year ago.
A huge factor in the price increases, AAA said Monday, is Russia's violent invasion of Ukraine. Crude oil spiked just over $100 bbl after the invasion, but has settled in the mid $90s for now.
"Russia’s invasion and the responding escalating series of financial sanctions by the United States and its allies have given the global oil market the jitters," Andrew Gross, an AAA spokesperson, said in a statement.
"Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers."
As gas demand increases and the supply reduces, pump prices will continue to rise. Stocks decreased by 600,000 bbl last week, while gasoline demand rose from 8.57 million barrels per day to 8.66 million barrels per day, according to the Energy Information Administration.
The Orange County average price rose one-tenth of a cent to $4.855, its 21st record since Feb. 3. It has increased 16 of the past 18 days, rising 13.3 cents, including seven-tenths of a cent Sunday.
The Orange County average price is 9.1 cents more than one week ago, 20.2 cents higher than one month ago and $1.127 greater than one year ago.
Nationally, the average is $3.61, which is up 26 cents from just last month and up 90 cents from last year.
For fuel saving tips from AAA, click here.
Follow KNX News 97.1 FM
Twitter | Facebook | Instagram
Related
