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Average LA County Gas Price Hits All-Time High, Tops Previous Record $6.07 Per Gallon

Published on Wednesday, May 18, 2022 | 5:58 am
 

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Wednesday, increasing 2.3 cents to $6.089.

The average price has risen for 21 consecutive days, increasing 31.5 cents, including 3.7 cents Tuesday, according to figures from the AAA and Oil Price Information Service. It is 19.8 cents more than one week ago, 28.5 cents higher than one month ago and $1.914 greater than one year ago.

The previous record was $6.07 set March 28.

In Pasadena, three gas stations along Washington Blvd. offer the least expensive gasoline, according to GasBuddy.com.

Valero at 1600 E. Washington Blvd. was selling regular for $5.49 and premium for $5.89 per gallon Tuesday; Garo Gas at 960 E. Washington Blvd. was selling regular for $5.55 and Diesel for $6.51 per gallon (no premium); and the ARCO at 1010 E. Washington Blvd. was selling regular for $5.59 and Premium for $5.99 per gallon, according to the online service.

The national average price rose 4.4 cents to $4.567, erasing the previous record set Tuesday.

The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe fell $2.31 Tuesday to settle at $111.93 after hitting its highest intraday price since March 28.

Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.

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