Gas prices in Los Angeles County rise to highest amount since 2012

LOS ANGELES - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Thursday for the 10th consecutive day, increasing 1 cent to $4.535, its highest amount since Oct. 19, 2012.

The average price has increased 9.4 cents over the past 10 days, including 1.4 cents Wednesday, according to figures from the AAA and the Oil Price Information Service. It is 8.4 cents more than one week ago, 13.4 cents higher than one month ago and $1.354 greater than one year ago

The record price is $4.705 set on Oct. 9, 2012.

The Orange County average price rose for the ninth time in 10 days, increasing a half-cent to $4.504, its highest amount since Oct. 19, 2012. It has risen 10 cents over the past 10 days, including 1.8 cents Wednesday.

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The Orange County average price is 9.1 cents more than one week ago, 14.7 cents higher than one month ago and $1.357 greater than one year ago.

The Orange County record price is $4.69 set on Oct. 8, 2012.

The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange rose 91 cents Wednesday to $83.87, its highest settlement price since Oct. 13, 2014.

The crude oil price has increased 134.34% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

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