Gas prices in the Los Angeles, Orange counties set Labor Day records for the second straight day

LOS ANGELES (CNS) — Average self-service gallon prices for regular gasoline in Los Angeles and Orange counties were at record highs for the second straight year on Labor Day Monday, thanks to price hikes earlier in the year related to the Russian invasion of Ukraine.

Los Angeles County’s median price of $5,287 broke the previous Labor Day record of $4,406 set last year, while Orange County’s median price of $5.23 erased a previous record of $4,367 also set in the year 2021, according to figures from AAA and Oil Price Information Service.

Average prices rose steadily to record highs in June after Russia’s February 24 invasion of Ukraine “sent shockwaves through the oil market that have kept oil prices high,” said Andrew Gross, a national public relations executive for the AAA.

The recent series of declines provided some measure of relief but still left prices higher than at any time since early March. Los Angeles County median price is 46.5 cents higher than February 24 and Orange County median price is 42.8 cents higher.

Los Angeles County’s median price rose Monday for the third straight day after falling to its lowest level since March 4 for 78 of the previous 80 days and rising by half a cent. It’s eight tenths of a cent up from a week ago and 88.3 cents up from a year ago, but 26.3 cents down from a month ago.

Orange County’s median price rose for the fourth straight day after falling nine of the previous 10 days to its lowest level since March 4, up nine-tenths of a cent. It’s 4.2 cents up from a week ago and 85.9 cents up from a year ago, but 20.7 cents down from a month ago.

The national median price fell for the 83rd straight day since rising to a record, falling three-tenths of a cent to $3,786. It has fallen $1.23 since rising to a record $5.016 on June 14.

The national average price is 6.4 cents lower than last week and 32.7 cents lower than last month, but 60.1 cents higher than last year.

Copyright 2022, City News Service, Inc.

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https://abc7.com/gas-prices-los-angeles-county-gasoline-orange/12197820/ Gas prices in the Los Angeles, Orange counties set Labor Day records for the second straight day

Laura Coffey

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