Los Angeles County Gas Prices See Highest Jump Since February

LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County Thursday recorded its largest daily increase since Feb. 26, rising 1.4 cents to $3.062, its highest amount since June 5.

The average price has risen six consecutive days, increasing 4.8 cents, including 1.1 cents on Wednesday, according to figures from the AAA and Oil Price Information Service.

The average price is 4.7 cents more than one week ago, 10.2 cents higher than one month ago and 34.2 cents greater than one year ago.

The Orange County average price recorded its largest daily increase since Feb. 25, rising 1.9 cents to $3.035, its highest amount since June 7. It has risen five of the past six days, increasing 4.9 cents, including nine- tenths of a cent on Wednesday.

The Orange County average price is 4.9 cents more than one week ago, 10.3 cents higher than one month ago and 33.2 cents greater than one year ago.

The rising pump prices are primarily the result of sharp increases in wholesale and rack prices, mainly stemming in anticipation of shortages, "not reflective of an actual shortage," caused by Hurricane Harvey, Marie Montgomery of the Automobile Club of Southern California told City News Service. Rack prices are what retailers pay on delivery.

"Southern California is not at all supplied by Gulf Coast refineries either for gasoline or oil," Montgomery said. "There is some diversion of supply already happening, so that affects the entire supply chain."

Southern California "will not be as heavily impacted by any Harvey- related price rise as much as the states that rely on the Gulf Coast for oil and gasoline," Montgomery said.

City News Service / Image via Shutterstock