The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record Thursday for the sixth consecutive day, increasing 2.1 cents to $6.221, its eighth consecutive increase.
The average price has risen 13 cents over the past eight days, including 2.8 cents Wednesday, according to figures from the AAA and Oil Price Information Service. It is 12.8 cents more than one week ago, 39.9 cents higher than one month ago and $1.989 greater than one year ago
The Los Angeles County average price has increased $1.425 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager.
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.
The national average price rose 4.4 cents to a record $4.715, one day after increasing 4.9 cents. The national average has set records 21 of the past 24 days.