Gas Prices on the Rise Again

One day after gas prices held steady for the first time in nearly a month, the average price of a gallon of regular self-serve gasoline in Los Angeles County rose one-tenth of a cent to $4.218, City News Service reported Thursday.

Prices are the highest they've been since Aug. 4, 2008. The average price for a gallon is about 2.2 cents more than last week, 24.5 cents more than last month and $1.126 higher than last year, according to figures from the AAA and Oil Price Information Service.

Nevertheless, the average price is still 40.8 cents less than the record high of $4.626 reported June 21, 2008.

Unrest in the Middle East has caused crude oil prices to skyrocket, driving the 28-day streak of price increases, analysts said. However, analysts also cite the decline in oil prices from $113 per barrel to about $106 per barrel as the reason for the smaller price increases.

Crude oil costs account for up to three-quarters of the price of a gallon of gasoline, according to Western States Petroleum Association representative Tupper Hull.

Palos Verdes residents can search for the cheapest gas on gasbuddy.com.

City News Service contributed to this report.