Average Orange County gas price hits record high - Spectrum News 1

SANTA ANA, Calif. (CNS) — The average price of a gallon of self-serve regular gasoline in Orange County rose to a record Tuesday while the Los Angeles County average price moved to within four-tenths of a cent of the record.

The Orange County average price rose 3.6 cents to $6.049, erasing the previous record of $6.029 set March 29, according to figures from the AAA and Oil Price Information Service. It has increased 19 of the past 20 days, rising 33.8 cents, including 1.6 cents Monday.

The Orange County average price is 21.5 cents more than one week ago, 28.7 cents higher than one month ago and $1.921 greater than one year ago.

The Los Angeles County average price rose 3.7 cents to $6.066, four-tenths of a cent less than the record $6.07 set March 28. It has risen 20 consecutive days, increasing 29.2 cents, including 1.6 cents Monday.

The Los Angeles County average price is 17.6 cents more than one week ago, 26 cents higher than one month ago and $1.892 greater than one year ago.

The national average price rose 4 cents to $4.523, erasing the previous record set Monday.

The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe rose for the third time in four sessions, increasing $2.69 to settle at $114.24.

Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.

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.

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