Gas Prices Rise to Highest Level Since '08

The average price of a gallon of self-serve regular gasoline climbed in Los Angeles County today for the 21st consecutive day, rising a penny overnight to settle at $4.323—the highest price since July 28, 2008.

The latest increase was the 33rd in 34 days. It left the average 26.3 cents higher than only a week ago, 56.9 cents higher than a month ago and 57.9 cents higher than a year ago, according to figures from the AAA and Oil Price Information Service.

Analysts attribute the higher prices at the pump to rising oil prices, which stem from fears of shortages resulting from tensions in the Middle East over Iran's nuclear program, and to speculation by investors. Additional factors include the closure of some California refineries for maintenance and a fire that will keep the Cherry Point refinery near Blaine, WA closed for at least three weeks.

The price of a barrel of benchmark West Texas intermediate crude for
April delivery settled at $109.77 on the New York Mercantile Exchange Friday,

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

— City News Service

Use Patch "Traffic & Gas" tab to find the lowest gas prices in town. It shows the cheapest gas in Santa Monica is $3.86 at the Ultramar at 1348 Pico Blvd.

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