Another day, another jump in fuel prices.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 13.3 cents overnight into Thursday for the second consecutive day. That matches its second-largest increase since July 14, 2015.
In downtown Los Angeles, at least one station's sign displayed prices above $7 per gallon. Prices for premium have eclipsed that mark at several locations.
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The average price has risen for 16 consecutive days, increasing 99.7 cents during that period to $5.784. That's the 32nd record in 34 days, according to figures from the AAA and Oil Price Information Service.
The average prices is 77 cents more than one week ago, $1.037 higher than one month ago and $1.947 greater than one year ago.
The Orange County average price rose 11.3 cents to $5.757, its 31st record in 36 days. It has risen 19 consecutive days, increasing 99.7 cents, including 13 cents Wednesday. It is 76.7 cents more than one week ago, $1.035 higher than one month ago and $1.929 greater than one year ago.
In Riverside County, the average price of a gallon of self-serve regular gasoline in
is up 11 cents to $5.65. That's the 21st record in 22 days.
Americans can expect the current trend at the pump to continue as long as crude prices climb, the AAA said.
The amount of U.S. gasoline in storage fell last week as demand starts to tick higher with summer approaching. The increase in gas demand and with inventories trending lower is contributing to rising prices at the pump, but skyrocketing oil prices are playing an increasingly large role as the conflict in Ukraine escalates.
The price of benchmark U.S. crude jumped 8% Tuesday to more than $129 per barrel.
Rising gas prices come as President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine.
The U.S. imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia.
Curbs on Russian oil exports will likely send already soaring oil and gasoline prices higher in both the U.S. and Europe and further squeeze consumers, businesses, financial markets and the global economy.
Energy analysts warn that crude oil prices could go as high to $160 or even $200 a barrel due to oil sanctions imposed by the West or if buyers continue shunning Russian crude.
Oil prices that high could send an average gallon of U.S. gasoline past $5 a gallon.