LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County today recorded its largest increase since Nov. 1, rising 1.3 cents to $2.904.
The average price has increased seven of the past eight days, rising 4.5 cents, including eight-tenths of a cent on Wednesday, according to figures from the AAA and Oil Price Information Service.
The average price is 4.1 cents more than a week ago and 2.3 cents higher than a month ago but $1.119 less than one year ago. It has decreased 71.1 cents since the start of the year.
The Orange County average price rose for the 16th consecutive day today, increasing 1 cent to $2.864. It has risen 9.4 cents over the past 16 days, including six-tenths of a cent on Wednesday, after dropping 68 of the previous 70 days to its lowest amount since Dec. 28, 2016, decreasing 74.9
cents.
The Orange County average price is 4.7 cents more than one week ago and 1.2 cents higher than one month ago but $1.13 less than one year ago. It has dropped 68.1 cents since the start of the year.
The rising prices are the result of increasing demand, refineries that are still producing gasoline at a much lower rate compared to last year and rising oil prices, according to Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
The crude oil price and supply and demand are the most important factors in the gas price, Spring said.
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