Los Angeles County gas prices are on the move again, but not in the direction drivers want to hear. After tumbling to their lowest point since July 2021,the average price per gallon is now creeping upward,adding another pinch to household budgets.
Gas Prices Rebound After Historic Dip
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The average price of gasoline in Los Angeles County has begun to rise after reaching a 21-month low.
- The average price of a gallon of self-serve regular gasoline in Los Angeles County was $4.979 on February 26, 2024.
- This represents an increase of $0.089 from the previous day.
- The recent dip to $4.890 was the lowest price since July 12, 2021.
- Analysts attribute the price increases to rising crude oil costs and reduced refinery output.
What’s driving this shift? The average price of self-serve regular gasoline in Los Angeles County rose to $4.979 per gallon on February 26, 2024, according to the automobile Club of Southern California. that’s an increase of $0.089 from the previous day.
Crude Oil and Refinery Issues
The price hike is largely attributed to a rebound in crude oil costs, coupled with a decrease in refinery output. Global oil markets are sensitive to geopolitical events and supply disruptions, which can quickly translate into higher prices at the pump. Reduced refinery production further exacerbates the situation, limiting the supply of gasoline available to meet demand.
The average price of a gallon of self-serve regular gasoline in the Los Angeles-Long Beach area was $4.979 on February 26, 2024; $4.999 in San Diego; $5.139 in Riverside; and $5.169 in San Bernardino.
Regional Variations
While the overall trend is upward, prices vary across different parts of Los Angeles County. The Los Angeles-Long Beach area saw an average price of $4.979 per gallon, while prices were slightly higher in neighboring regions like Riverside and San Bernardino counties.
Q: Why are gas prices rising now?
A: Rising crude oil costs and reduced refinery output are the primary factors driving the increase in gasoline prices in Los Angeles County, reversing a recent period of decline.
Looking Ahead
The future trajectory of gas prices remains uncertain. Continued fluctuations in crude oil markets and potential disruptions to refinery operations could lead to further price increases. Drivers should prepare for continued volatility at the pump.
Consider sharing your thoughts on the rising gas prices in the comments below.
