Gasoline Prices Rise Again for 26th Consecutive Day

The average price of a gallon of self-serve regular gasoline in rose in Los Angeles County Saturday for the 26th consecutive day, increasing four-tenths of a cent to $4.376, its highest amount since July 25, 2008.

The average price is 8.6 cents more than one week ago, 57.8 cents higher than a month ago and 55.5 cents greater than a year ago. It has risen 38 times in 39 days, including four-tenths of a cent on Friday.

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A 27-day streak of increases to the average price of a gallon of self-serve regular gasoline in Orange County ended Saturday when it was unchanged, remaining at $4.359.

The average price increased 56.7 cents during the streak, including three-tenths of a cent Friday, rising to its highest level since July 23, 2008, according to figures from the AAA and Oil Price Information Service.

The Orange County average price is 7.4 cents more than one week ago, 56.7 cents higher than a month ago and 55.4 cents greater than a year ago.

Analysts have credited the increasing prices to rising oil prices which stem from fears of shortages because of elevated tensions in the Middle East over Iran's nuclear program and speculation by investors, along with the closure of some California refineries for maintenance and a major fire at the Cherry Point refinery near Blaine, Wash., that will cause its closure for at least three weeks, both reducing the supply.

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