Business & Tech
Southland Gasoline Prices Going in Wrong Direction
The Orange County average price for a gallon of regular self-service gas has increased 10.5 cents over the past eight days, including 1.3 cents on Thursday.
After more than 50 consecutive days of decreasing prices, the price for a gallon of regular self-service gasoline is going the other way.
In Orange County the average price rose for the eighth consecutive day, increasing eight-tenths of a cent to $3.748, 9.4 cents more than one week ago but 15.7 cents less than one month ago and 5.7 cents lower than one year ago.
The Orange County average price has increased 10.5 cents over the past eight days, including 1.3 cents on Thursday, according to figures from the AAA and Oil Price Information Service.
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The rising pump prices are the result of higher crude oil prices, according to Jeffrey Spring of the Automobile Club of Southern California.
“Other parts of the country have been experiencing price increases for a few weeks in response to higher oil prices, and Southern California gas prices are now starting to reflect those increased costs,” Spring said. “Local drivers briefly saw some of the lowest prices of the year last week, but prices are now rising by a penny a day or more in many cities.''
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The rise in crude oil prices have been attributed in part to Middle East tensions.
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In Los Angeles County, the average price increased Thursday by 1 cent to $3.777 and 8.5 cents over the past eight days, including 1.1 cents on Thursday. That is 7.9 cents more than one week ago, but 17.4 less than one month ago and 4.3 cents lower than one year ago.
The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange, which was at an eight-month low of $77.69 on June 28, rose Thursday for the seventh consecutive day, increasing $2.79 to $92.66—its highest settlement price since mid-May. The seven-day streak of increases is the longest since Feb. 24.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
-- City News Service
