LA County gas prices rise to record highs again due to 'higher oil prices and inflation'

LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles County rose four-tenths of a cent Saturday to $4.754, a record high for the eighth time in the last nine days.

The average price has risen 12 of the past 13 days, increasing 8.6 cents, including three-tenths of a cent Friday, according to figures from the AAA and Oil Price Information Service. It is 2 cents more than one week ago, 8 cents higher than one month ago and $1.211 more than one year ago.

The Orange County average price rose six-tenths of a cent to $4.73, also a new record high. It had dropped six-tenths of a cent Thursday from the previous record high of $4.728 set Wednesday, then rose two-tenths of a cent on Friday. The Orange County average price is 1.5 cents more than one week ago, 8.3 cents higher than one month ago and $1.206 greater than one year ago.

"There is some indication that price increases may be leveling off for now after prices reached record levels," said Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager. "Tom Kloza of Oil Price Information Service says the two major factors driving gas prices are higher oil prices and inflation."

The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has risen $14.67 since New Year's Day to $89.88, the fourth-highest settlement value in 2022.

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