Business & Tech
Gas Prices at Highest Level Since 2008
The average price of a gallon of self-serve regular gasoline hits $4.246.
We hate to tell you, but gas prices are continuing to rise—the average price of a gallon of self-serve regular gasoline in Los Angeles County increased Friday for the 36th time in 38 days, City News Service reported.
The average rose nine-tenths of one cent to hit $4.246, the highest it has been since Aug. 1, 2008.
The price of self-serve regular gasoline is now 2.7 cents higher than last week, 19.7 cents higher than last month and $1.141 higher than it was a year ago, according to figures from the AAA and Oil Price Information Service.
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The average price is 38 cents less than the record high of $4.626 set on June 21, 2008.
"Wholesale gasoline and crude oil continue to trade at high levels, and so far, we haven't seen a precipitous drop in those prices, which help determine how much consumers pay at the pump," said Jeffrey Spring of the Automobile Club of
Southern California.
Find out what's happening in Hermosa Beachfor free with the latest updates from Patch.
Crude oil prices account for up to three-quarters of the price of gasoline, according to Tupper Hull of the Western States Petroleum Association. Prices for crude oil have been fluctuating lately because of conflict in the Middle East.
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