Business & Tech
Gas Prices Reach Last May's High
Average prices rose 7.3 cents on Thursday and 5.9 cents on Friday. They now stand at $4.245 for regular self-serve gas in Los Angeles County.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 5.9 cents on Friday to $4.245 -- its highest amount since May 14 of last year -- a day after its largest daily increase since at least 2010.
The sharp increases -- Thursday's hike was 7.3 cents -- are the result of a major fire at the Cherry Point refinery near Blaine, Wash., that will cause its closure for at least three weeks and reduce the supply, Marie Montgomery of the Automobile Club of Southern California told City News Service.
The price had already been increasing because of rising oil prices and the closure of some California refineries for maintenance, according to analysts.
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The average price has increased 18 consecutive days and 30 times in 31 days and is 24.9 cents more than one week ago, 50.1 cents higher than a month ago and 64.1 cents greater than a year ago, according to figures from the AAA and Oil Price Information Service.
Check local gas prices by clicking on the Traffic & Gas tab at the top of this page.
