LOS ANGELES—The average prices of a gallon of self-serve regular gasoline in Los Angeles and Orange counties rose Oct. 5 to their highest amounts since Oct. 23, 2012, with further increases expected.
The Los Angeles County average price rose three-tenths of a cent for the second consecutive day to $4.422, according to figures from the AAA and the Oil Price Information Service. It is 1.3 cents more than one week ago, 1.8 cents higher than one month ago, and $1.223 greater than one year ago.
The average price has risen $1.19 since the start of the year because of higher oil prices and increased demand for gasoline following the end of pandemic-related restrictions.
The Orange County average price rose nine-tenths of a cent to $4.387, one day after dropping one-tenth of a cent. It is 1.9 cents more than one week ago, 1.6 cents higher than one month ago and $1.225 greater than one year ago.
The Orange County average price has risen $1.179 since the start of the year.
The Organization of the Petroleum Exporting Countries and a Russia-led group of oil producers agreed Monday to maintain its schedule of increasing oil production by 400,000 barrels a day each month. With the end of the possibility of doubling the increase to 800,000 barrels a day, the price of a barrel of West Texas intermediate crude rose on the New York Mercantile Exchange to $77.62 per barrel, its highest amount since 2014.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
The Los Angeles County record gas price is $4.705, set Oct. 9, 2012.
The Orange County record is $4.69, set Oct. 8, 2012.