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LA County gas prices hit another record high

LA County gas prices hit another record high
LA County gas prices hit another record high 01:57

With no relief in sight, the average price of gas in Los Angeles County set a new record Wednesday, hitting $6.089 for a gallon of regular.

The average price has risen for 21 straight days, increasing 31.5 cents over that time, according to the latest numbers from AAA and Oil Price Information Service.

It is 19.8 cents higher than one week ago, 28.5 cents higher than one month ago and $1.91 higher than one year ago.

The previous record was $6.07 set March 28. The price subsequently dropped over the course of about a month, but has spiked back up again.

Meanwhile, the average price of a gallon of regular in Orange County has hit a record $6.073.

The national average rose 4.4 cents to $4.567, also a record.

Gas prices have been on the rise since the Russian invasion of Ukraine began in March. The invasion has continued to destabilize energy markets worldwide.  

The price of a barrel of July Brent crude on ICE Futures Europe fell $2.31 Tuesday to settle at $111.93 after hitting its highest intraday price since March 28.

Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.

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. California has also not yet switched over to the summer blend, which will raise prices even more. 

California gas prices are further exacerbated because the state has the highest gas tax in the nation, at 51.1 cents per gallon. The gas tax is scheduled to increase again on July 1 because of inflation.

Republican state leaders have called for a temporary suspension of the gas tax, a proposal which Democratic leaders oppose. Gov. Gavin Newsom has countered with a gas rebate.

In late March, President Joe Biden said that the U.S. would release one million barrels of oil per day to help combat the rising prices.


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