The average price is up 13 cents over the past eight days, including 2.8 cents on Wednesday, according to figures from the AAA and the Oil Price Information Service. It’s 12.8 cents up from a week ago, 39.9 cents up from a month ago and $1,989 up from a year ago.
Orange County’s median price rose 2.1 cents to its sixth straight record $6.20, its seventh straight rise. It’s up 14.1 cents over the past seven days, including 2.9 cents on Wednesday.
The median price in Orange County is 43.3 cents up from a month ago and $2,019 up from a year ago.
The median price of Los Angeles County has increased by $1,425 since the Russian invasion of Ukraine on February 24. The price has increased by $1,423.
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This comes as the OPEC oil cartel and allied producer countries, including Russia, are set to increase production by 648,000 barrels per day in July and August, bringing modest relief to a global economy suffering from rising energy prices and resulting inflation.
Thursday’s decision increases the pace of the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession. The group had steadily added 432,000 barrels per day each month to gradually restore production cuts from 2020 onwards.
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 4.4 cents to a record $4,715 a day after rising 4.9 cents. The national average has set records 21 of the last 24 days.
The Associated Press contributed to this report
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https://abc7.com/los-angeles-gas-prices-rise-record/11920306/ The average gas price in Los Angeles climbs to a record for the 6th straight day, rising to $6.22 as OPEC+ ramps up production