Fuel prices continue to spike in Los Angeles County
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The average price of a gallon of self-serve regular fuel in Los Angeles County increased by 9.5 cents to $5.247 dollars, just 24 hours fter recording its largest single-day increase since July 2015 of 13.8 cents.
According to figures from the American Automobile Association and Oil Price Information Service in Los Angeles County, the most populous in the US, the average price of premium gasoline reached $5.511 and diesel rose to $5.495, reports Xinhua news agency.
On Saturday, at one gas station, a gallon of regular gasoline was $6.95, and a gallon of premium gasoline was $7.55.
The Los Angeles County average price has risen 31 times in 34 days, increasing 57.8 cents, setting records 27 of the past 29 days.
It is 38 cents more than one week ago, 51.3 cents higher than one month ago and $1.471 greater than a year ago.
Los Angeles isn't alone. Pump prices across the country have reached record highs as the price of a barrel of Brent crude for May delivery on the Intercontinental Exchange rose on Friday to its highest level since February 2013 to $118.11.
According to the US Energy Information Administration, crude oil costs account for slightly more than half of what consumers pay at the pump.
"Increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb," the American Automobile Association predicted.
The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
