On Wednesday, the average cost of a gallon of regular gas in Los Angeles hit $6.08, jumping 2.3 cents overnight and breaking a record set earlier this year, according to the latest data from AAA.
Los Angeles isn’t alone in suffering as gas prices soar across the country. And analysts say the switch to a more expensive summer blend for other parts of the country promises that the evil won’t stop anytime soon.
The average cost of regular gas is over $4 for almost every state. According to AAA, the national average is $4.56, but California leads the nation with an average of $6.05. Gasoline prices in Los Angeles last hit an all-time high on March 28, when the average hit $6.07, but prices on Wednesday broke the record again after rising for 21 straight days . This time last year, the average cost of gasoline in Los Angeles was $4.17, according to historical data, and just last month it was $5.80.
Other parts of the Golden State pay even higher prices for a gallon of regular: the average in San Luis Obispo and Inyo counties reached $6.24 and $6.23, respectively, while the county average from Mono hit $7.00 on Thursday. Multiple factors play into higher prices across the state, including higher taxes and shipping costs to more remote areas of the state.
An assortment of other issues have driven up gas prices around the world, including the war in Ukraine, which has seen the international market cut its ties to Russia’s oil supply, and chain issues. of global supply that have passed on to ports and are then passed on to consumers. California’s unique cleaner fuel blend costs more to produce, and the cost of living in the Golden State is also driving up prices, as well as inflation.
Automobile Club of Southern California spokeswoman Marie Montgomery said there has also been a reduction in oil refining in the United States, creating the need to bring in more fuel from outside markets. .
“We’re going to have to attract a lot more imports to make up for the lack of refining capacity,” Montgomery said.
There are also fears of a shortage of diesel in other regions of the country, which plays into the volatility of the oil market. Last year, the United States experienced a steady increase in gasoline prices, and this accelerated with the start of the war in Ukraine.
“Uncertainty is really what drives prices up,” Montgomery said.
AAA spokesman Andrew Gross said the high cost of oil is driving up the price at the pump.
Typically, there is a slight drop in gasoline prices at this time of year, but that doesn’t seem to be happening this year.
“Even the yearly seasonal decline in gasoline demand during the lull between Spring Break and Memorial Day, which would normally help drive down prices, is having no effect this year,” Gross said in a statement. .
The nationwide switch to the more expensive summer blend, which aims to reduce gasoline evaporation when outside temperatures rise, is expected to be completed by early June. That shift has already begun in most parts of the country, Montgomery said, and is already factored into the prices consumers see at the pumps in California.
Los Angeles Times