The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday, June 14, for the second time in three days following an 18-day streak of increases totaling 36.9 cents, decreasing two-tenths of a cent to $6.46.
The streak ended Monday with a decrease of one-tenth of a cent. The average price rose three-tenths of a cent to a record $6.462 on Tuesday.
The average price is 4.6 cents more than one week ago, 44.7 cents higher than one month ago and $2.212 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.
The Los Angeles County average price has increased $1.664 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 $1.628.
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.
An 18-day streak of increases to the national average price of a gallon of self-serve regular gasoline ended with a decrease of two-tenths of a cent to $5.014. The average price rose 41.5 cents during the streak, including two-tenths of a cent Tuesday, setting a record each day.
The national average is 5.9 cents more than one week ago, 54.4 cents higher than one month ago and $1.938 greater than one year ago.
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