LA average gas price rises to record figure for 6th consecutive day as OPEC+ increases production

LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Thursday for the sixth consecutive day, increasing 2.1 cents to $6.221, its eighth consecutive increase.

The average price has risen 13 cents over the past eight days, including 2.8 cents Wednesday, according to figures from the AAA and Oil Price Information Service. It is 12.8 cents more than one week ago, 39.9 cents higher than one month ago and $1.989 greater than one year ago.

The Orange County average price rose 2.1 cents to its sixth consecutive record, $6.20, its seventh consecutive increase. It has risen 14.1 cents over the past seven days, including 2.9 cents Wednesday.

The Orange County average price is 43.3 cents more than one month ago and $2.019 higher than one year ago.

The Los Angeles County average price has increased $1.425 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 $1.423.

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Gas prices in downtown Los Angeles are set at more than $8 per gallon. Throughout Southern California, pump prices are well over $6 per gallon, a sickening reality for those who drive for a living.

This comes as the OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and the resulting inflation.

The decision Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession. The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.

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 4.4 cents to a record $4.715, one day after increasing 4.9 cents. The national average has set records 21 of the past 24 days.

The Associated Press contributed to this report

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