The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to almost $5.25 on Saturday, but some gas stations in the area have even higher prices according to KABC.
The Shell gas station located at Olympic Boulevard and Fairfax Avenue in Mid-City was advertising regular unleaded at $6.99 a gallon. The price for premium was listed at $7.29 a gallon.
Each of the three highest increases since July 14, 2015, have occurred over the past three days.
The average price rose 8.6 cents Thursday, according to figures from the AAA and Oil Price Information Service.
The Orange County average price rose 10.3 cents to $5.238 – the largest increase since July 2015.
Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.
Pump prices have reached record highs as the price of a barrel of Brent crude for May delivery on the Intercontinental Exchange rose Friday to its highest amount since Feb. 13, 2013, $118.11, increasing $7.65. Its 25.49% increase for the week — $23.99 — is the largest on record, based on available data back to Jan. 11, 1991.
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.
Source-ABC
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