MISSION VIEJO, CA – The average price of a gallon of regular self-serve gasoline in Orange County rose two-tenths of a cent to $ 4.54, one day in a series of 17 increases in 18 days ended while it was unchanged.
The Orange County average price is also at its highest level since October 18, 2012, and 1.3 cents more than a week ago, 17.1 cents more than a month ago and $ 1,418 more than a year ago.
In Mission Viejo, the closest cheap gas was on Marguerite Parkway at $ 4.57 a gallon, according to www.GasBuddy.com.
“The surge in gas prices that started almost a month ago is finally running out of steam for now, as oil prices have stabilized,” said Patrick De Haan, head of petroleum analysis for GasBuddy , which provides information on gas prices in real time. of more than 150,000 stations. “ For most motorists, gasoline prices are likely to slow their recent rise significantly and we may even see slight declines over the coming week.
“ OPEC plans to meet next week, and while it doesn’t seem likely that there will be an increase in oil production, their meeting and comments could easily drive the market up or down. Chances remain high that gas prices will remain near high levels Tuesday before the holiday, unless there is an additional supply from OPEC. “
Los Angeles County rose one-tenth of a cent on Tuesday to $ 4.58, a day after rising three-tenths of a cent.
The average price has risen 21 of the past 22 days, rising 13.9 cents to its highest amount since Oct. 18, 2012, according to figures from the AAA and the Oil Price Information Service. It rose 19 straight days, fell three tenths of a hundred on Sunday and started rising again on Monday.
The average price is 1.5 cents more than a week ago, 16.9 cents more than a month ago and $ 1.424 more than a year ago.
High gas prices are the result of the sharp increase in crude oil prices over the past year due to higher demand following the removal of coronavirus restrictions.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange rose 128.33%, from its lowest level in 52 weeks to $ 36.81 on November 2, 2020, to 84.05 $ Monday due to higher demand following the removal of coronavirus restrictions.
Monday’s settlement value is the second highest of the year, behind last Tuesday’s $ 84.65 settlement value alone. He has increased four of the last five sessions.
Crude oil costs are just over half the price at the pump, according to the US Energy Information Administration.
City News Service contributed to this report.