Gas prices are still going up in Southern California, but the rate at which prices are increasing is still much lower than it was this past week.
The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its smallest increase since Feb. 28 on Sunday, rising just one cent to a record $5.824.
That marks a smaller rise in price than on Saturday, when prices went up 1.2 cents to $5.814.
Following 13.3-cent increases Wednesday and Thursday, the average price rose 1.8 cents Friday, according to figures from the AAA and Oil Price Information Service. It has risen 18 consecutive days, increasing $1.027, setting 18 consecutive record highs.
In California overall, according to AAA, the average price of a gallon of gas is $5.740.
The average price is 46.9 cents more than one week ago, $1.062 higher than one month ago and $1.944 greater than one year ago.
Here's a look at average prices in counties around Southern California, as of Sunday morning:
- $5.824 in Los Angeles County
- $5.751 in Ventura County
- $5.798 in Orange County
- $5.726 in Riverside County
- $5.752 in San Bernardino County
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and "encourage other OPEC members to do the same," said Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager.
After rising to $127.98 Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
In downtown Los Angeles on Wednesday, at least one station's sign displayed prices above $7 per gallon. Prices for premium have eclipsed that mark at several locations.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. 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.