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LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the 16th consecutive day, increasing three-tenths of a cent to $4.568, its highest amount since Oct. 18, 2012.
The average price has increased 13.1 cents over the past 16 days, including seven-tenths of a cent Tuesday, according to figures from the AAA and Oil Price Information Service. It is 4.3 cents more than one week ago, 15.8 cents higher than one month ago and $1.394 greater than one year ago.
The Orange County average price rose for the 15th time in 16 days, increasing four-tenths of a cent to $4.531, its highest amount since Oct. 18, 2012. It is 3.2 cents more than one week ago, 16.9 cents higher than one month ago and $1.394 greater than one year ago.
The Orange County average price has increased 12.7 cents over the past 16 days, including nine-tenths of a cent Tuesday.
The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude for December delivery on the New York Mercantile Exchange rose 89 cents Tuesday to its highest settlement value since Oct. 13, 2014, $84.65.
The crude oil price has increased 136.52% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
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