LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County on Saturday fell for the fifth time in the past six days after a long series of increases that took it to record highs and declined 1.4 cents to 6th $.43.
The declines come as a result of “a nearly 60-cent slump in the Los Angeles wholesale gasoline market last week,” which was compounded by “a very volatile week for the US economy and a slight drop in consumer demand, reported by the EIA. caused, which is likely due to record prices,” said Doug Shupe, communications manager for the Automobile Club of Southern California, referring to the US Energy Information Administration.
The average price set records for 16 consecutive days, then fell a tenth of a cent on June 13 before hitting another record high on June 14, rising to $6,462. It’s 2.8 cents down from a week ago, but 34.1 cents up from a month ago and $2.178 up from a year ago, according to figures from the AAA and the Oil Price Information Service.
Orange County’s price also fell for the fifth time in six days, falling 1.8 cents to $6.367. It also set records for 16 consecutive days before falling on June 13. The average price in Orange County is 4.1 cents down from a week ago, but 29.4 cents up from a month ago and $2.165 up from a year ago.
Los Angeles County’s median price has risen $1,634 since Russia’s invasion of Ukraine on Feb. 24 “sent shockwaves through the oil market that have kept oil prices high,” said Andrew Gross, a national public relations executive for the AAA. The median price in Orange County is up $1.59.
The Northern California gas station manager was fired after a 69-cent-a-gallon error
According to the US Energy Information Administration, the cost of crude accounts for a little more than half of the pump price. The remainder of the price includes the other components of the gasoline, production costs, distribution costs, overheads for everyone involved in production, distribution and sales, taxes and California carbon offset fees paid by the refiners.
The national median price of a gallon of self-serve regular gasoline fell for the fourth straight day after an 18-day streak of increases, down 1.1 cents to $4,989. The average price rose 41.5 cents over the 18-day streak, setting a record every day. It fell two-tenths of a cent on Wednesday, half a cent on Thursday, and nine-tenths of a cent on Friday.
Copyright © 2022 City News Service, Inc. All rights reserved.