LA County gas prices see biggest daily jump in nearly a year
Gasoline prices are displayed at a Mobil station ahead of the Labor Day weekend on August 28, 2023 in Los Angeles, California. (Photo by Mario Tama/Getty Images)
LOS ANGELES - The average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest daily increase in nearly a year Saturday, reaching its highest point since last October.
The average price increased by 8.5 cents overnight Friday, the biggest jump since Sept. 30 2022. The average price has risen 50 times in 55 days, increasing 75.9 cents, including 3.1 cents Friday, according to figures from the AAA and Oil Price Information Service.
The average price rose 30 consecutive days, dropped two of the next three days, increased five of the following six days, was unchanged Sept. 1 and has risen 14 of the past 15 days.
The average price is 23.5 cents more than one week ago, 47.2 cents higher than one month ago and 30.7 cents above what it was one year ago. It has dropped 76.3 cents since rising to a record $6.494 on Oct. 5.
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The Orange County average price also recorded its largest daily increase since Sept. 30, rising 7.5 cents to $5.703, its highest amount since Oct. 21. It has risen 48 of the past 54 days, increasing 80.2 cents, including 3.3 cents Friday.
The Orange County average price is 24.4 cents more than one week ago, 49.4 cents higher than one month ago and 31.9 cents above what it was one year ago. It has dropped 75.6 cents since rising to a record $6.459 on Oct. 5.
The national average price rose a half-cent to $3.871, the ninth consecutive increase since a run of six decreases in seven days totaling 2.4 cents ended Sept. 7 when it was unchanged. It has risen 6.8 cents over the past 10 days, including eight-tenths of a cent Friday.
The national average price is 4.8 cents more than one week ago and 17.9 cents higher than one year ago but two-tenths of a cent less than one month ago. It has dropped $1.145 since rising to a record $5.016 on June 14, 2022.
"Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand," said Andrew Gross, an AAA national public relations manager.
"The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs."