DRAINING WALLETS: AAA released the lastest Los Angeles County gas prices today. This story just writes itself. Story below. . .
The average price of a gallon of unleaded regular gasoline in Los Angeles County rose 13.7 cents this week as a result of near- record crude oil prices, the Automobile Club of Southern California said today.
The 10th consecutive weekly increase put the average price of a gallon of unleaded regular in the Los Angeles-Long Beach area at $3.297, 31 cents more than last month, 91 cents more than at this time last year and within 19 cents of the record high of $3.487 registered on May 9.
The increase was the largest since the current series of price hikes began in early September. The average rose 3.7 cents from Oct. 26-Nov. 2; 3.8 cents from Oct. 19- 26; 9.1 cents from Oct. 12-19; 1.9 cents from Oct. 5-12; 1.4 cents from Sept. 28-Oct. 5; 2.9 cents from Sept. 21-28; 7.5 cents from Sept. 14-21; 9.2 cents from Sept. 7-14; and 3.2 cents from Aug. 31-Sept. 7 after dropping 15 of the previous 16 weeks.
“Crude oil prices have been breaking records since September, and that increase has hit gas pump prices
in a big way this week in Southern California and throughout the U.S.," Auto Club spokesman Jeffrey Spring said.
The contract price of a barrel of light sweet crude oil for December delivery on the New York Mercantile Exchange closed at $95.46 yesterday, down 91 cents, but within the range of inflation-adjusted highs
set in the early 1980s.
The average price of a gallon of regular gasoline nationally today is $3.078, 31.3 cents higher than last month and 86.9 cents higher than a year ago, according to an AAA survey.
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