Gasoline Follows Oil Prices Higher

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Gasoline prices remained on an upward trend last week as the rising cost of crude oil continued to prop up local pump prices, helping drive the average price for regular unleaded gasoline in Los Angeles up 4.8 cents per gallon in the week ended March 18, according to the Automobile Club of Southern California. In its weekly Weekend Gas Watch, the Auto Club noted that pump prices as of Friday were 19 cents per gallon higher than a month ago and 18 cents higher than the year earlier.


The average price for regular self-serve unleaded gasoline was $2.353 per gallon in Los Angeles on March 18, compared with $2.305 one week before and $2.159 one month prior.


“The main factor pushing our local gasoline price higher is the record price of crude oil,” said Auto Club spokesperson Carol Thorp. “California has sufficient supplies of oil and gas. However, international oil markets are filled with fears of political instability in the Middle East. The threat of a potential oil shortage has caused traders to continue buying, even as prices rise higher and higher.”


The lowest average price in Southern California, according to the report, is in San Diego, where regular is selling for $2.339. The Santa Barbara-Santa Maria-Lompoc area reported the highest average local price, at $2.462.

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