Orange County residents saw the average price of a gallon of self-serve regular gasoline rise another 2.6 cents Saturday, reaching $5.863. This marks the eighteenth consecutive day of increases for the region, pushing prices to their highest point since June 4.
Over the past week, the average price in Orange County has increased by 15.8 cents, and it is up 21.8 cents compared to one month ago. When viewed year-over-year, local pump prices are $1.245 higher than they were twelve months ago. According to figures from the AAA and Oil Price Information Service, Orange County's average price has increased $1.227 since February 28, following the start of the joint U.S./Israel war on Iran, which reportedly sent oil prices higher and significantly accelerated increases at the gas pump.
Neighboring Los Angeles County experienced a similar trend, with its average price rising 2.6 cents on Saturday to $5.883. This is the highest average price in Los Angeles County since June 8. Like Orange County, Los Angeles County has seen 18 consecutive days of price increases, with prices 14.8 cents higher than a week ago, 18.8 cents more than a month ago, and $1.239 more than one year ago. In Los Angeles County, the average price has increased $1.189 since the onset of the conflict in Iran on February 28.
Nationally, the average price of gasoline saw a slight drop of two-tenths of a cent to $4.145 on Saturday, after five consecutive days of increases. The national average is up 6.4 cents from one week ago, 6.5 cents from one month ago, and 94.1 cents from one year ago. The national average has also increased $1.163 since the attack on Iran.
Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information, stated that the national average price is at its highest point this late in the calendar year. The AAA noted on Thursday that the national average has never exceeded $4 per gallon on Labor Day, with the previous Labor Day record of $3.82 set on September 3, 2012. The AAA explained that while gasoline demand typically decreases at this time of year, usually leading to lower prices, the current situation is different due to the high cost of crude oil.
