LOS ANGELES (CNS) – The average price of a gallon of self-serve regular
gasoline in Los Angeles County rose today for the 29th consecutive day,
increasing 1.7 cents to $2.846.
The average price has risen 48.5 cents over the past 29 days, including
2.4 cents on Thursday, according to figures from the AAA and Oil Price
Information Service. It is 8.1 cents higher than one week ago and 48.5 cents
greater than one month ago.
However, the average price is 44.8 cents less than one year ago, after
dropping 71.4 cents during the stretch of 49 decreases in 50 days that
immediately preceded the increases.
The average price dropped to its lowest amount since May 6, 2009, before
the increases began on Feb. 26.
The Orange County average price rose for the 28th time in 29 days,
increasing 1.3 cents to $2.829. It has risen 48.3 cents over the past 29 days,
including 2.5 cents on Thursday.
The Orange County average price is 8 cents higher than one week ago and
48.3 cents greater than one month ago.
However, it is 43.1 cents less than one year ago after dropping 72.3
cents during the stretch of 49 decreases in 50 days that immediately preceded
the increases, falling to its lowest amount since May 5, 2009, before the
increases began on Feb. 26.
“Oil prices have climbed as U.S. oil production has slowed in reaction
to lower profitability, and industry analysts expect even more oil companies to
idle more rigs and stop building new facilities,” said Jeffrey Spring, the
Automobile Club of Southern California’s corporate communications manager.
“Los Angeles wholesale fuel prices have risen by more than a dollar
since Feb. 18 to $1.71 a gallon, about a dollar under the average retail price.
Already, a few more Southern California gas stations are charging more than $3
a gallon.”
The price of crude oil accounts for two-thirds to three-quarters of the
price of a gallon of gasoline, according to Tupper Hull, vice president,
strategic communications, of the Western States Petroleum Association, a trade
association representing major oil companies in five Western states.

Yep, gas prices continue to rise
By Cumulus Media
Mar 25, 2016 | 6:43 AM