LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County spiked 2.8 cents Saturday to a record high of $6.126.
The average price is 2.9 cents more than one week ago, 34.8 cents higher than one month ago and $1.919 greater than one year ago, according to figures from the AAA and Oil Price Information Service.
The Orange County average price jumped 3.4 cents to a record $6.101. It is 2.5 cents more than one week ago, 38.1 cents more than one month ago and $1.942 higher than one year ago.
The Los Angeles County average price has increased $1.33 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager. The Orange County average price has increased $1.324.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
The national average price rose two-tenths of a cent to a record $4.601. The national average has set records 16 times in the last 19 days.