Gas prices in U.S. Los Angeles county continue climb

LOS ANGELES: MARCH. 6 – The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 9.5 U.S. cents Saturday to 5.247 dollars, one day after recording its largest single-day increase since July 2015 of 13.8 cents.

According to figures from the American Automobile Association and Oil Price Information Service in Los Angeles County, the most populous county of the United States, the average price of premium gasoline reached 5.511 dollars and diesel rose to 5.495 dollars.

On Saturday, at one gas station, a gallon of regular gasoline was 6.95 dollars, and a gallon of premium gasoline was 7.55 dollars.

The Los Angeles County average price has risen 31 times in 34 days, increasing 57.8 cents, setting records 27 of the past 29 days. It is 38 cents more than one week ago, 51.3 cents higher than one month ago and 1.471 dollars greater than a year ago.

Los Angeles isn’t alone. Pump prices across the country 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 level since February 2013 to 118.11 dollars.

According to the U.S. Energy Information Administration, crude oil costs account for slightly more than half of what consumers pay at the pump.

“Increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb,” the American Automobile Association predicted.

The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in the production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.

-Xinhua