LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record today for the third consecutive day, increasing 1 cent to $6.162, the fifth consecutive increase.
The average price has risen 7.1 cents over the past five days, including 2.6 cents Sunday, according to figures from the AAA and Oil Price Information Service. It is 6.4 cents more than one week ago, 34.4 cents higher than one month ago and $1.939 greater than one year ago.
The Orange County average price rose nine-tenths of a cent to its third consecutive record, $6.143, one day after increasing 3.3 cents. It is 7.2 cents more than one week ago, 37.5 cents more than one month ago and $1.968 higher than one year ago.
The previous Memorial Day records were $4.299 for Los Angeles County and $4.266 for Orange County, both set in 2012.
The Los Angeles County average price has increased $1.366 since Russia's invasion of Ukraine on Feb. 24 "sent shock waves through the oil market that have kept oil costs elevated," said Andrew Gross, an AAA national public relations manager. The Orange County average price has also increased $1.366.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
The national average price rose nine-tenths of a cent to a record $4.619. The national average has set records 18 of the past 21 days.