The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties both rose to record highs Feb. 4 because of the switch to summer-blend gasoline and higher oil prices.
The Los Angeles County average price rose to $4.72, breaking the previous record of $4.71 set Nov. 27. The Orange County average price rose to $4.70, breaking the previous record of $4.69 set Wednesday, according to figures from the AAA and Oil Price Information Service.
Both counties’ average gas prices are $1.22 greater than one year ago.
San Diego County’s average gas price also rose Friday to its highest amount since Nov. 30, increasing to $4.66. That’s $1.21 greater than one year ago.
“Refineries began shipping out the more expensive summer blend of gasoline to Southern California gas pipelines on Monday, while oil prices have climbed by more than $10 a barrel in the past month due to world tensions and OPEC concerns,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
“If the upward pressure for gas prices continues, we could see new record prices in all Southern California areas in the next couple of weeks.”
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose to its highest settlement value since Oct. 6, 2014, Thursday, increasing $2.01 to $90.27.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
