Average LA County Gas Price Shoots Up Over Weekend, Record High for 29th Time in 31 Days

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 5.4 cents to $5.429 Monday, its 29th record in 31 days.

The average price rose 9.5 cents Saturday and 12.8 cents Sunday, its second-largest increase since July 14, 2015, according to figures from the AAA and Oil Price Information Service.

The Los Angeles County average price has risen 33 times in 36 days, increasing 76 cents. It is 54.3 cents more than one week ago, 68.9 cents higher than one month ago and $1.621 greater than one year ago.

At Garo Gas in Pasadena, 960 E. Washington Blvd., usually one of the least expensive gas stations in Pasadena, regular was being sold for $4.95 on Sunday and premium for $5.27.

Down at name-brand Shell at 2716 E. Colorado Blvd., regular went for $5.29 and premium for $5.49 on Sunday, according to GasBuddy.com

Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.

The price spike “is not exactly surprising — it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.

Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.

Pump prices have reached record highs as the price of a barrel of Brent crude for May delivery on the Intercontinental Exchange rose Friday to its highest amount since Feb. 13, 2013, $118.11, increasing $7.65.

Its 25.49% increase for the week ($23.99) is the largest on record, based on available data back to Jan. 11, 1991.

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.