L.A. County gas prices set record for the 14th day in a row

Gas prices in Southern California continued to rise Friday, with the average price for a gallon of regular gasoline in Los Angeles County climbing to $6,445, a new record for the region, according to American Automobile Assn.

The rise marked the county’s 14th consecutive record day, keeping average prices about 17 cents higher than a week ago and 55 cents higher than a month ago.

Prices in California are the highest in the nation, with the statewide average — $6,420 — well above the national average of $4,986. But prices are rising rapidly across the country, up 11 cents since Monday.

AAA spokeswoman Marie Montgomery said there were several factors behind the painful prices at the pump, including the war in Ukraine and skyrocketing inflation. A new Labor Department report on Friday showed consumer prices rose 8.6% last month from 12 months earlier, a new 40-year high.

“It affects everything,” Montgomery said of inflation. “That will play a role here, as will predictions by some major management firms and analysts that oil could hit new highs.”

Goldman Sachs this week predicted Brent crude prices to average $140 a barrel this summer, up from a previous estimate of $125. A barrel of West Texas Intermediate crude oil closed at $121.51 on Thursday.

But prices in Los Angeles weren’t the highest in the state, with prices for a gallon of regular drinks hitting $6,826 in Humboldt County and a whopping $7,799 in Alpine County, the highest in the country.

Orange County set a new record Friday at $6,406 for a gallon of regular liquor, up 16 cents from a week ago.

Montgomery said California’s uniquely high costs are due to a number of factors, including taxes and limited sources of gasoline and oil.

“There are no easy ways to get oil into California’s refineries other than what’s produced locally,” she said, adding that overall refining capacity in the state has been shrinking and is expected to continue to do so as more plants “come up.” to make it more environmentally friendly”. Manufacturing, clean diesel and non-gasoline products.”

Although prices are steepest in California, several other states have seen significant price increases over the past week, including Delaware, which is up 37 cents, and Michigan, which is up 41 cents.

In a press release, the AAA said demand for gasoline is also growing as “drivers continue to fill up for the summer driving season, typically a time when gasoline demand rises.”

“This dynamic between reduced supply and increased demand contributes to rising prices at the pump,” the organization said. “This coupled with rising crude oil prices means that the price of gas is likely to remain high for the foreseeable future.”

https://www.latimes.com/california/story/2022-06-10/l-a-county-sets-record-gas-prices-for-the-15th-day-in-a-row L.A. County gas prices set record for the 14th day in a row

Alley Einstein

USTimesPost.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimespost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button