SoCal's average gas price tops $6 a gallon for first time since mid-October

Tuesday, September 19, 2023
SoCal's average gas price tops $6 for first time since mid-October
The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties topped $6 for the first time since mid-October.

LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties on Tuesday topped $6 for the first time since mid-October.

The Los Angeles County average price rose 11.2 cents to $6.027, its first time over $6 since Oct. 18, 2022, while the Orange County average price rose 11 cents to $6.022, its first time over $6 since Oct. 16, according to figures from the AAA and Oil Price Information Service.

The Los Angeles County average price has risen 53 times in 58 days, increasing $1.054, including 4.8 cents Monday and 13.6 cents Sunday. The Orange County average price has risen 51 times in 57 days, increasing $1.121, including 4.2 cents Monday and 16.7 cents Sunday.

The Los Angeles County average price is 47 cents more than one week ago, 69.8 cents higher than one month ago and 59.3 cents above what it was one year ago. It has dropped 46.7 cents since rising to a record $6.494 on Oct. 5.

Gas prices are climbing at their fastest rate this year, with the average price of a gallon of regular gas in Los Angeles County spiking nearly 20 cents in just 48 hours.

The Orange County average price is 48.4 cents more than one week ago, 73.8 cents higher than one month ago and 63.3 cents above what it was one year ago. It has dropped 43.7 cents since rising to a record $6.459 on Oct. 5.

The increasing pump prices are the result of rising crude oil prices stemming from "oil supply cuts in Saudi Arabia and Russia, plus concerns over disruptions to oil exports from Libya following deadly flooding in that OPEC nation," Doug Shupe, the Automobile Club of Southern California's corporate communications manager, told City News Service.

"Refinery issues in Southern California have led to lower inventory which is putting upward pressure on pump prices as well," Shupe said.

"It is hopeful we will see relief as early as the end of this month when some gasoline cargoes are likely to end up on the West Coast. Also, we will see additional relief when the cheaper, winter-blend fuel enters the marketplace at the end of October."

An 11-day streak of increases to the national average price totaling 7.8 cents ended when it dropped one-tenth of a cent to $3.88. It is 4.4 cents more than one week ago, 1.1 cents more than one month ago and 20.3 cents more than one year ago.

The national average price has dropped $1.136 since rising to a record $5.016 on June 14, 2022.