Where To Get Gas In Lake Forest As Prices Reach Record High

LAKE FOREST, CA — The average price for a gallon of gasoline in Orange County jumped by 14.5 cents to about $5.135, rising by 41.3 cents in the last 22 days.

Gas prices in Orange County rose to more than $5 for the first time Friday, setting a new record in the area. Prices have steadily risen for 20 out of the last 22 days.

Near Lake Forest, the cheapest place to fill up on gas was the 7-Eleven station at 26731 Portola Parkway. The price for a gallon of gas at the station was $4.69, according to Gas Buddy.

The average price of a gallon of regular gasoline rose in Los Angeles County by 13.8 cents Friday to $5.152 a gallon.

The gas increases are the largest Orange and Los Angeles counties have experienced since July 14, 2015, according to AAA.

Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.

The end of the price spike is "largely dependent on world events and oil prices, as well as California's gasoline supply issues which often tend to occur in the spring months," Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, said.

City News Service contributed to this report.