Downtown Los Angeles gas station is charging more than $8 a gallon as prices continue to rise nationwide

DOWNTOWN LOS ANGELES (CNS) — A gas station in downtown Los Angeles charged more than $8 a gallon on Tuesday as price hikes continued across the United States

The average self-service gallon of regular gasoline in Los Angeles County rose to a record for the fourth straight day, rising 1 cent to $6,172, the sixth straight increase.

The average price is up 8.1 cents over the past six days, including 1 cent on Monday, according to figures from the AAA and the Oil Price Information Service. It’s 7.5 cents up from a week ago, 35.4 cents up from a month ago and $1,945 up from a year ago

Orange County’s median price rose seven-tenths of a cent to its fourth straight record, $6.15, its fifth straight rise. It’s up 9.1 cents over the past five days, including nine-tenths of a cent on Monday.

The median price in Orange County is 8 cents up from a week ago, 38.2 cents up from a month ago and $1,974 up from a year ago.

“Los Angeles County’s median price has risen $1,376 since the Russian 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 Orange County average price is up $1,373.

READ MORE: Airline passengers in SoCal are paying skyrocketing airfares during Memorial Day travel

The price of a barrel of front-month crude oil on ICE Futures Europe rose $2.04 to $117.60 on Monday, the highest since March 23.

Analysts attribute the surge to expected increased demand after Shanghai Vice Mayor Wu Qing commented over the weekend that coronavirus-related restrictions would be reduced this week and an expectation of a reduction in supply stemming from the pledge the heads of state and government of the European Union revealed to impose an oil embargo on Russia.

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 rose three-tenths of a cent to a record $4,622. The national average has set records 19 of the last 22 days.

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https://abc7.com/gas-prices-downtown-los-angeles-station-8-a-gallon/11912891/ Downtown Los Angeles gas station is charging more than $8 a gallon as prices continue to rise nationwide

Laura Coffey

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