As the price of crude oil continues to gain across global markets, gas prices in Southern California continue to rise.
In Los Angeles County, the price rose seven-tenths of a cent Monday to a record $5.988, the 27th consecutive increase, setting a record each day.
The average price has increased $1.201 during the streak, including 1.5 cents on Sunday, according to figures from the AAA and Oil Price Information Service. It is 16.1 cents more than one week ago, $1.20 higher than one month ago and $2.062 greater than one year ago.
The Orange County average price rose two-tenths of a cent to a record $5.947, the 30th consecutive increase. It has risen $1.187 during the streak, including 2.3 cents Sunday.
The Orange County average price is 14.8 cents more than one week ago, $1.183 higher than one month ago and $2.041 greater than one year ago.
In Riverside County, prices rose for the 28th consecutive day, up 1 cent to a record $5.868 a day after rising 1.9 cents.
The average price has risen $1.163 during the streak, setting a record each day, according to figures from the AAA and Oil Price Information Service. It is 13.6 cents more than one week ago, $1.163 higher than one month ago and $1.998 greater than one year ago.
The streak is the longest since a 55-day streak from Jan. 26-March 21, 2021, totaling 54 cents.
In San Bernardino County, the price rose a penny to $5.883 in yet another record high.
Related Articles
Will surging gas prices put a U-turn on a return to the office?
California gasoline isn’t as pricey as you think
Bubble watch: Will high gas prices crash the economy?
Bill seeks profit transparency from California oil refiners
As gas prices surge, this delivery guy has a request: Please tip well
Oil rose for a third day Monday as the war in Ukraine neared the one-month mark with no conclusion in sight.
Futures in New York rose as much as 6.5%, trading near $111 a barrel. Several European Union countries are pushing for a fifth round of sanctions on Russia, though some remain opposed to including oil in those measures. The Kremlin said an EU ban on oil imports from Russia would have a profound effect on the global crude market and hit the continent the hardest.
In weeks prior, the EU sanctioning Russian oil “seemed unrealistic given their reliance on Russian energy supply,” said Rohan Reddy, a research analyst at Global X Management, a firm that manages $2 billion in energy-related assets. “It would basically shave off a full 4-5% of global oil supply.”
The global oil market has been thrown into turmoil by Russia’s invasion of Ukraine, with the U.S. and Europe imposing sanctions on Moscow and crude buyers shunning the country’s cargoes. Brent neared $140 a barrel earlier this month to hit the highest since 2008, before seeing a massive pullback that briefly put the market into bear territory. Prices have seen unprecedented volatility, with frequent intraday swings of about $10 and broader commodity markets seizing up amid a widespread liquidity crunch.
The rally in oil prices has spurred importing nations to pressure other producers to step up supply, including members of the Organization of Petroleum Exporting Countries. During the weekend, Japan urged the United Arab Emirates to increase exports. Meanwhile, oil giant Saudi Aramco plans to raise spending as it seeks to boost output.
City News and Bloomberg contributed to this report.