The average price of a gallon of self-serve regular gasoline in Los Angeles County continued to rise this week, increasing 1.2 cents to $4.511 by Tuesday morning, its highest amount since Oct. 20, 2012.
The average price has increased 7 cents over the past eight days, including a half-cent on Monday, according to figures from the AAA and the Oil Price Information Service. It is 6.8 cents more than one week ago, 11.1 cents higher than one month ago and $1.325 greater than one year ago.
The record price is $4.705, set on Oct. 9, 2012.
The Orange County average price by mid week had increased for the seventh time in eight days, increasing 1.1 cents to $4.48, its highest amount since Oct. 20, 2012. It has risen 7.7 cents over the past eight days, including three-tenths of a cent on Monday.
The Orange County average price is 7.1 cents more than one week ago, 12.3 cents higher than one month ago and $1.331 greater than one year ago.
The Orange County record price is $4.69 set on Oct. 8, 2012.
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 16 cents Monday to $82.44, its highest closing price since Oct. 21, 2014.
The crude oil price has increased 130.34 percent from its 52-week low of $35.79 a barrel 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.
“Even higher gas prices” are expected “in the weeks ahead,” because of “OPEC holding back oil production and strong global oil demand,” according to Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“Until several bottlenecks ease, including supply chains and low global inventories of oil, natural gas and coal, we’ll be stuck feeling the pinch of rising oil and gasoline prices,” De Haan said. “The bad news is that for now, all I see is the upward trend at the pump continuing into the weeks ahead with no sign of relief just yet.”