The average price dropped to its 2020 low of $2.822 on May 5, its lowest amount since New Year's Day, 2017, largely because of a sharp decrease in demand as people reduced driving because of stay-at-home orders and higher unemployment stemming from the coronavirus outbreak, according to Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
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As the restrictions were lifted, demand and prices increased.
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The record was also the result of the price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange quadrupling from $20.33 in April 2020 to $84.65 on Oct. 26, 2021, its highest amount since 2014. It settled at $78.50 Tuesday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
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The average price of a gallon of self-serve regular gasoline in Los Angeles County has risen 14 of the past 15 days, increasing 11.5 cents, including two-tenths of a cent today, according to figures from the AAA and Oil Price Information Service. It is 2.1 cents more than one week ago, 15.2 cents higher than one month ago and $1.564 greater than one year ago.
The previous record price of $4.705 was set Oct. 9, 2012.
The Orange County average price increased two-tenths of a cent to $4.676, 1.4 cents less than its record high of $4.69, set Oct. 8, 2012. It has risen 16 consecutive days, increasing 13.1 cents, including one-tenth of a cent Tuesday.
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The Orange County average price is 2.2 cents more than one week ago, 16 cents higher than one month ago and $1.565 greater than one year ago.
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