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Southland Gas Prices Hit Record High For Memorial Day

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LOS ANGELES (CBS) – The average price of a gallon of self-serve regular gasoline in L.A. County set a record Monday for Memorial Day, at $4.299, despite declining for 12 consecutive days.

The record high stems from a 17.9-cent increase over a seven-day span earlier this month caused by low inventories from the closures of refineries across the state for maintenance.

The average price has dropped 11.2 cents over the past 12 days, including six-tenths of a cent Monday, and is 6.4 cents less than one week ago, according to figures from the AAA and Oil Price Information Service.

However, the average price is 11.3 cents more than one month ago and 22.6 cents higher than one year ago.

The previous Memorial Day high was $4.062, set last year.

The Orange County average price also marks a Memorial Day record, at $4.266, breaking the previous record of $4.034, set last year.

The Orange County average price has decreased for 12 consecutive days, including a half-cent Monday, and is 7.6 cents less than one week ago, but 11 cents more than one week ago and 21.8 cents higher than one year ago.

Riverside County followed the trend: the average price of a gallon of self-serve regular gas in the Inland Empire also hit a record high of $4.281 for Memorial Day,
despite declining for 10 of the past 11 days.

(©2012 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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