Traffic & Transit
Gas Prices Set New Record In Rancho Santa Margarita
The price of gas in Orange County is steadily increasing. View more to find out where to find the cheapest gas in Rancho Santa Margarita.
RANCHO SANTA MARGARITA, CA — Rancho Santa Margarita residents may be feeling extra pain at the pump, as the average price of a gallon of self-serve regular gasoline in Orange County set a record for the sixth time in seven days, City News Service reported.
The Orange County average price rose three-tenths of a cent to $4.728. It has risen seven of the past eight days, increasing 7.3 cents, including three-tenths of a cent Tuesday. The Orange County average price rose four consecutive days, was unchanged Sunday and resumed increasing Monday.
In Rancho Santa Margarita, the closest cheap gas is on Santa Margarita Parkway at $4.49 per gallon, according to www.GasBuddy.com.
Find out what's happening in Rancho Santa Margaritafor free with the latest updates from Patch.
The Orange County average price is 4.1 cents more than one week ago, 8.1 cents higher than one month ago and $1.224 greater than one year ago.
Los Angeles County rose one-tenth of a cent Wednesday to $4.746, its fifth record high in six days.
Find out what's happening in Rancho Santa Margaritafor free with the latest updates from Patch.
The Los Angeles County average price has risen nine of the past 10 days, increasing 7.8 cents, including a half-cent on Tuesday, according to figures from the AAA and Oil Price Information Service. It rose seven consecutive days, dropped one-tenth of a cent Monday, then resumed increasing Tuesday.
The average price is 4.4 cents more than one week ago, 6.5 cents higher than one month ago and $1.227 greater than one year ago.
The average prices have reached record highs because of higher oil prices and refineries beginning to ship summer blend gasoline, which is more expensive to produce, according to Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has risen $14.15 since New Year's Day to $89.36.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
Shupe cites "world tensions and OPEC concerns" as the reasons for the rising oil prices.
City News Service contributed to this report.
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