DOWNTOWN LOS ANGELES (CNS) -- A gas station in downtown Los Angeles was charging more than $8 a gallon on Tuesday as price surges continued across the U.S.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Tuesday for the fourth consecutive day, increasing 1 cent to $6.172, its sixth consecutive increase.
The average price has risen 8.1 cents over the past six days, including 1 cent Monday, according to figures from the AAA and Oil Price Information Service. It is 7.5 cents more than one week ago, 35.4 cents higher than one month ago and $1.945 greater than one year ago
The Orange County average price rose seven-tenths of a cent to its fourth consecutive record, $6.15, its fifth consecutive increase. It has risen 9.1 cents over the past five days, including nine-tenths of a cent Monday.
The Orange County average price is 8 cents more than one week ago, 38.2 cents more than one month ago and $1.974 higher than one year ago.
"The Los Angeles County average price has increased $1.376 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 increased $1.373.
The price of a barrel of front month crude on ICE Futures Europe increased $2.04 Monday to settle at $117.60, its highest amount since March 23.
Analysts attribute the increase to anticipated increased demand following the weekend comments by Shanghai Vice Mayor Wu Qing that coronavirus-related restrictions would be reduced this week and the expectation of a reduction in supply stemming from the pledge by European Union leaders to impose an oil embargo on Russia.
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 three-tenths of a cent to a record $4.622. The national average has set records 19 of the past 22 days.