LOS ANGELES—The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its smallest increase in the last two weeks on March 13, rising 1 cent to a record $5.824.
Following 13.3-cent increases Wednesday and Thursday, the average price rose 1.8 cents Friday and 1.2 cents Saturday, according to figures from the AAA and Oil Price Information Service. It has risen 19 consecutive days, increasing $1.037, setting 19 consecutive record highs.
The average price is 46.9 cents more than one week ago, $1.062 higher than one month ago and $1.944 greater than one year ago.
The Orange County average price also recorded its smallest increase since Feb. 28, rising nine-tenths of a cent to a record $5.798. It has risen 22 consecutive days, increasing $1.038, including 1.5 cents Saturday, 1.7 cents
Friday and 11.3 cents Thursday, setting 22 consecutive records.
The Orange County average price is 41.9 cents more than one week ago, $1.06 higher than one month ago and $1.929 greater than one year ago.
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and “encourage other OPEC members to do the same,'' said Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
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.
