The average price of a gallon of regular gasoline is still rising in Southern California, continuing a streak of increasing prices in the region and around the U.S.
The increases have been shrinking, but the prices have not yet reversed.
In Los Angeles County, the price of one gallon of self-serve regular gasoline rose four cents overnight between Tuesday and Wednesday, according to AAA, from $5.836 to $5.876.
LA County's streak of rising prices has lasted 22 consecutive days as of March 16. The average price has increased $1.089 during the streak, setting a record each day, according to figures from the AAA and Oil Price Information Service.
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The average price of gas in LA County is 22 cents higher than it was a week ago, $1.097 higher than it was one month ago, and $1.972 higher than it was one year ago.
In California overall, the average price of a regular gallon of self-serve gasoline is $5.772, compared to a nationwide average price of $4.305.
Here's a look at average prices in counties around Southern California, as of Wednesday morning according to AAA:
- $5.877 in Los Angeles County
- $5.818 in Ventura County
- $5.842 in Orange County
- $5.765 in Riverside County
- $5.780 in San Bernardino County
The price of crude oil by the barrel finally dropped in recent days, due to a number of international factors including the conflict between Russia and Ukraine and a spike in COVID-19 cases in China.
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"It bears reminding that the cost of oil accounts for about 50% of what drivers pay at the pump," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager.
"This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices."
The price of a barrel of Brent crude has dropped 21.9% on ICE Futures Europe since rising to $127.98 March 8, its highest amount since July 22, 2008, settling at $99.91 Tuesday, dropping $6.99 for the session.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.
The change raises hopes that gas prices will soon decrease as a result.
