Gas Prices Spike in Los Angeles County: What’s Going On?

Categories: California Business NewsCalifornia News

Cars at a gas station in Los Angeles County with visible gas price signs.

News Summary

Gas prices in Los Angeles County have surged to an average of $4.927 per gallon, the highest since June. Experts cite a switch to summer blend gasoline and refinery shortages as key factors driving this increase. While prices have risen sharply over the last two weeks, they remain lower than a year ago. Motorists are advised to shop around for better prices and ensure their vehicles are well maintained amidst these fluctuations.

Gas Prices Spike in Los Angeles County: What’s Going On?

Los Angeles County is experiencing another wave of gas price increases that motorists could feel right in their pockets. As of now, the average cost of a gallon of self-serve regular gasoline has edged up to $$4.927, marking the highest price since early June. Things aren’t looking too different across California either, where the state average reached $$4.95, reflecting a sharp increase of 20 cents just from last week.

What’s Driving the Price Hike?

Now, for those of you wondering why we’re seeing these price surges, there are a few mixed factors at play. Their combined effect means that, while people might feel the pinch now, it wasn’t always this way. For instance, although today’s prices seem high, they are actually 32 cents lower than they were just one year ago. It’s a mixed bag of good and bad news!

Experts point to a few key reasons behind this price rise. First and foremost is the switch to the summer blend gasoline, which can add about 15 to 20 cents to each gallon. Everyone’s gearing up for summer road trips, and increased demand for fuel is driving prices up even further. Plus, a shortage at refineries has compounded the problem, leaving fewer gallons of gas available for thirsty cars on the roads.

The Numbers Game

Looking at the data over the past couple of weeks, we see that gas prices have jumped up for 14 out of the last 15 days, contributing to an overall increase of around 27.8 cents during that time frame. The harsh reality is that prices have climbed a whopping 16.3 cents in just one week alone and are now approximately 35.7 cents higher compared to this time last year. However, it’s worth noting that prices have dropped significantly from the record high of $$6.494 recorded back on October 5, 2022. That’s a decrease of $1.567—definitely something to cheer about!

Life in Neighboring Areas

$$4.889, the highest since June 3. This area saw a rise of 28.6 cents over ten consecutive days. This puts the Orange County average price 15.2 cents higher than just a week ago and about 19.4 cents more than last month. Yet again, year-over-year, the area is still 37 cents lower than last year’s rates.

Wider Trends Across America

six-tenths of a cent to an average of $$3.262—this follows a trend where prices went up for 11 of the last 12 days. The average price is still about 10.3 cents higher than last week, while being 32 cents lower than a year ago. It’s a bit of a rollercoaster ride, and just like in California, consumers are feeling the fluctuations.