Gas Prices Keep Rising

Gas prices in Los Angeles County rose for the 20th consecutive day, bringing the average price of a gallon of regular self-serve gasoline to about $4.17 -- the highest it's been since Aug. 7, 2008, City News Service reported Monday.

Fortunately for Redondo Beach residents, drivers can find gas for less than $4.09 per gallon in neighboring cities.

The Arco station at 23510 Crenshaw Blvd. in Torrance is selling fuel for $4.03 per gallon, according to AOL Autos. Another Arco station, located at 1131 Pacific Coast Highway in Hermosa Beach, has priced a gallon of regular, self-serve gas at $4.07.

Nevertheless, the average price of a gallon of gas is nearly 10 cents higher than last week, 23 cents higher than last month and more than $1 higher than last year, according to the AAA and Oil Price Information Service, CNS said.

The record high was set June 21, 2008, at about $4.63 per gallon, CNS reported.

"Prices are jumping by more than a penny a day, which is close to the pace of a price spike and at the moment, they don't show any signs of slowing down," Marie Montgomery of the Automobile Club of Southern California told CNS.

Demand for gasoline has dropped due to rising costs; however, the drop hasn't affected prices, Montgomery said.

Rising crude oil prices resulting from the continuing unrest in North Africa and the Middle East are driving the gasoline price increases, Montgomery told CNS. Investors fear the supply of crude oil will be interrupted, she said.

"As long as those issues are not resolved, there will be continued anxiety in the oil market," Montgomery said.

According to Tupper Hull of the Western States Petroleum Association, crude oil prices account for up to 75 percent of the price of gasoline.

The WSPA represents oil companies in California, Arizona, Nevada, Oregon, Washington and Hawaii.

City News Service contributed to this report.