The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Thursday to its 18th record in 21 days.
The price increased 2.6 cents to $4.822, its largest daily increase since Feb. 2 when it rose 2.8 cents.
The average price has increased 21 times in 24 days, rising 15.1 cents, including nine-tenths of a cent Wednesday, according to figures from the AAA and Oil Price Information Service. It is 4.1 cents more than one week ago, 15 cents higher than one month ago and $1.141 greater than one year ago.
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The Orange County average price set its 17th record since Feb. 3, increasing 2.5 cents to $4.802. It has increased 12 of the past 14 days, rising 8 cents, including 1.2 cents Wednesday.
The Orange County average price is 4.4 cents more than one week ago, 15.2 cents higher than one month ago and $1.13 greater than one year ago.
The daily increase was the largest since a 3.2-cent increase Feb. 2.
Far-reaching implications are expected for energy markets from Russia’s attack on Ukraine this week. Russia is the world's second-largest producer of natural gas and one of the world's largest oil-producing nations.
Oil prices on Thursday Increased following the invasion.
U.S. gas prices have increased about 6% over the past month, but they're up about 33% from a year ago, according to AAA.
“We have had close to a year of soaring inflation rates and higher gas prices that cannot be attributed to foreign policy,” William Galston, a senior fellow in governance studies at the Brookings Institution, told the Associated Press. “And in these in these circumstances, it’s not clear to me that an all out effort to shift the inflation focus to the Russian actions would be credible."
What to Know - Where We Get Our Supply:
- CA gets about 50% of it's gasoline supply from U.S. sources which means the other half is imported. Even though Russia's crude oil supply does not have any direct link to ur pumps they are still connected on a global level.
- The cheapest prices around Southern CA are in San Bernardino which are a quarter away from $5 a gallon.
- The best ways to get the most out of your tank according to tips given by Auto Club are watch your speed, make sure your tires are inflated, and to use a lower grade of gasoline if premium is not required for your car.