LOS ANGELES, Calif.–The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to its high for the year today for a third consecutive day, increasing 1.3 cents to $3.203.
A 1.9-cent increase Saturday put the price past its previous high for 2010, $3.156, which was reached on May 8. The average price rose another 2.2 cents Sunday.
The average price is 6.9 cents more than a week ago, 9.1 cents more than a month ago and 27.7 cents more than this time last year, according to figures from the AAA and Oil Price Information Service.
The Orange County average price also set a new high for the year for a third consecutive day, increasing 1.3 cents to $3.199.
A 1.8-cent increase Saturday put the average price past its previous high for 2010, $3.158, which was reached on Aug. 12. The average price rose another 1.9 cents on Sunday.
The Orange County average price is 7.2 cents more than a week ago, 9.5 cents more than a month ago and 28.5 cents more than this time last year.
The yearly highs come as the price of oil rose to its highest point since early October 2008. The price of a barrel of benchmark oil for January delivery increased 11 cents to $89.30 today in electronic trading on the New York Mercantile Exchange, after rising 6.5 percent last week.
Analysts attribute the increasing oil prices to the declining worth of the dollar, which means it takes more dollars to purchase a commodity.
The weakness of the dollar also prompts investors to buy commodities which have a steady demand, driving up prices.