The average price of a gallon of self-serve regular gasoline in Los Angeles County topped $5 for the first time Thursday, increasing 8.6 cents to $5.014.
The increase is the largest since the 15.1-cent increase on July 14, 2015, according to figures from the AAA and Oil Price Information Service. The record is the 25th in 27 days.
The average price has risen 29 times in 32 days, increasing 34.5 cents, including 3 cents Wednesday. It is 19.2 cents more than one week ago, 29.8 cents higher than one month ago and $1.25 greater than one year ago.
The Orange County average price also recorded its largest increase since July 14, 2015, rising 8.6 cents to $4.99, its 24th record in 29 days. It has increased 19 of the past 21 days, rising 26.8 cents, including 3.4 cents Wednesday.
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The Orange County average price is 18.8 cents more than one week ago, 29.1 cents higher than one month ago and $1.244 greater than one year ago.
Oil prices soared this week in response to Russia’s escalating war on Ukraine, increasing pressure on persistently high inflation across the world. U.S. benchmark crude oil jumped past $110 per barrel on Wednesday, the biggest single-day jump since May 2020 and the highest price since 2014. Brent crude, the international standard, surged 7.1% to $104.97.
The U.S. gets 5% to 10% of its crude oil and refined products from Russia, a fairly small share that it could probably replace with other sources if Russian supply was cut off, said Jacques Rousseau, managing director at Clearview Energy Partners.
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“It’s not as big a deal for the U.S as it is globally, because there are other countries that are much more reliant on Russian oil,” he said.
The U.S. does not import gas from Russia, but Europe relies on natural gas from Russia for a third of its supply.
