Average Southern California gas prices rise to highest amount since October 2012

City News Service
Saturday, October 23, 2021
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The average price of a gallon of self-serve regular gasoline in Los Angeles County rose for the 12th consecutive day, increasing four-tenths of a cent to $4.547, its highest amount since Oct. 19, 2012.

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Saturday for the 12th consecutive day, increasing four-tenths of a cent to $4.547, its highest amount since Oct. 19, 2012.

The average price has increased 11 cents over the past 12 days, including eighth-tenths of a cent Friday, according to figures from the AAA and Oil Price Information Service. It is 6.7 cents more than one week ago, 14.8 cents higher than one month ago and $1.368 greater than one year ago.

The Orange County average price rose for the 11th time in 12 days, increasing six-tenths of a cent to $4.513, its highest amount since Oct. 19, 2012. It is 6.1 cents more than one week ago, 16.1 cents higher than one month ago and $1.37 greater than one year ago.

The Orange County average price has increased 10.9 cents over the past 12 days, including three-tenths of a cent Friday.

The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange rose for the sixth time in seven days, increasing $1.26 Friday to settle at $83.76, its second-highest settlement price of the year, behind only Wednesday's $83.87 settlement price.

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The settlement price has risen for nine consecutive weeks, the longest streak on record. Figures are available back to April 1983.

The crude oil price has increased 134.03% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.