PAIN AT THE PUMP: LA County gas prices continue to rise, now up 50 cents from a week ago. Is there relief in sight? Now on ABC7
The average price of a gallon of self-serve regular gasoline in L.A. County rose to $5.247 on Saturday, but some gas stations in the area have even higher prices.The Orange County average price has increased 23 of the past 25 days, rising 70.4 cents. The Orange County average price is 54.3 cents more than one week ago, 68.9 cents higher than one month ago and $1.621 greater than one year ago.
Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions. The price spike"is not exactly surprising -- it is the cost of choking off Russia from energy revenue," said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.
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