Average Los Angeles County gas price spikes 5.9 cents to another record high

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The average price of a gallon of self-serve regular gasoline in LA County has now topped $5 for the first time, increasing 8.6 cents to $5.014

City News Service

LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 5.9 cents Saturday to a record high of $5.966, its 25th consecutive increase.

The average price has increased $1.179 during the streak, including 1.8 cents Friday, setting a record each day, according to figures from the AAA and Oil Price Information Service. It is 15.2 cents more than one week ago, $1.182 higher than one month ago and $2.044 greater than one year ago.

The Orange County average price is 13.3 cents more than one week ago, $1.162 higher than one month ago and $2.017 greater than one year ago.

The Los Angeles County average price has risen 13 cents over the past four days after increasing by 3.4 cents the preceding four days, while the Orange County average price has risen 12.2 cents over the past four days after increasing by 2.7 cents the preceding four days.

 

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The larger increases are the result of rebounding crude oil prices caused by a lack of commitment from OPEC to raise production levels despite requests by the United States and United Kingdom, as well as a supply issue stemming from the Torrance PBF refinery having issues restarting a key unit that went offline after a March 6 power outage, according to Marie Montgomery, a public relations specialist with the Automobile Club of Southern California.

Source: KABC

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