California Gas Prices Hit Record High
LOS ANGELES (CBSLA) – California is continuing to set unwelcome records in the gas price department.
The average price of gas in California hit $4.682 for a gallon of regular Monday, a new all-time state record, according to AAA.
This was up from $4.676 Sunday, which was also a record.
The previous high had been set in October 2012, when the average price reached $4.671.
The average price in Los Angeles County rose to $4.672, moving within 3.3 cents of its own all-time high of $4.705 which was also set in October of 2012.
The L.A. County average gas price is $1.52 higher than one year ago.
"I ride my motorcycle a lot more," one man told CBSLA Monday. "I have a one-ton diesel truck that just sits at the side of the house, can't afford to fill it up. I have to get something smaller and more practical."
The Orange County average price also rose to $4.635, 5.5 cents less than the record high of $4.69 set in October of 2012. It has increased 9 cents over the past seven days.
Experts say the spike is due to a combination of factors, including the hike in the price of crude oil, and pent up demand to travel from the COVID-19 pandemic. There have also been more regional factors.
"Our sources tell us that some Southern California refineries have had to do unplanned maintenance in recent days which usually reduces the level of production," AAA spokesman Jeffrey Spring said.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange settled at $80.79 on Friday, 101.3% more than its 52-week low of $40.13, which was hit on Nov. 13, 2020 because of higher demand following the elimination of coronavirus-related restrictions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)
