The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded what is believed to be its largest single-day increase today, rising 19.2 cents to $4.539 -- its highest amount since July 12, 2008.
The average price has increased by more than 1 cent on each of the past seven days, including 8.8 cents on Thursday and 5.8 cents on Wednesday. It is now 40.3 cents more than a week ago, 36.4 cents higher than a month ago and 71.5 cents greater than at this time last year, according to figures from the
AAA and Oil Price Information Service.
The record price is $4.626, set on June 21, 2008.
The Orange County average price also recorded what is believed to be its largest single-day increase today, rising 19.5 cents to $4.525, its highest amount since July 9, 2008.
It has also risen by more than 1 cent on each of the past seven days, including 9.4 cents on Thursday and 5.9 cents on Wednesday. It is now 41.4 cents more than one week ago, 37 cents higher than one month ago and 73.8 cents greater than one year ago.
The record price in Orange County is $4.598, set on June 19, 2008.
"Reportedly in recent weeks, local refineries were dropping production levels, exporting supply to Mexico and other countries, and allowing inventory to dwindle in anticipation of switching over to production of winter blend gasoline, then a refinery power outage and a pipeline incident occurred on Monday that sent wholesale markets into a panic about the adequacy of California fuel supplies,'' said Jeffrey Spring of the Automobile Club of Southern California.
Spring said "it's not clear'' how much higher prices will go. "A lot depends on whether the perceived supply issues are quickly addressed,'' he said.
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