The average price of a gallon of self-serve regular gasoline in Los Angeles County rose four-tenths of a cent Friday to $4.68, the highest amount to end a year.
The average price is $1.448 higher than one year ago, according to figures from the AAA and Oil Price Information Service.The average price at the beginning of the year was $3.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. “There is still strong demand amid a very disciplined approach to increasing production by OPEC+ countries and shale oil producers in the U.S.,” said Spring, referring to the Organization of the Petroleum Exporting Countries and the Russia-led group of oil producers known as OPEC+.“Each group got burned by the significant drop in oil prices in March and April 2020, cut back in production and have been very careful in how much they produce now.
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