Gas prices across the U.S. continue to rise, climbing to an average of $5.72 a gallon Friday for regular unleaded fuel in California and setting a new national record, but some experts say the pacing could be slowing down in the next coming days.
The national average also increased two cents, from $4.31 a gallon to $4.33, with drivers paying nearly a dollar more than they did a month ago.
“For now, average gas prices should start slowing down noticeably over the next 2-4 days,” said Patrick De Haan, head of petroleum analysis for GasBuddy, on Twitter. “They may stabilize and some areas may see small drops. But the situation remains fluids, so it could change quickly.”
Gas prices moved up from $5.69 a gallon Thursday to $5.72 Friday across California.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 1.8 cents today to $5.80 after back-to-back increases of 13.3 cents, its second-largest increase since July 14, 2015.
The smallest increase since March 1 is the result of oil prices beginning dropping Wednesday after the United Arab Emirates announced it would increase oil production and “encourage other OPEC members to do the same,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
“However, locally there appears to be an issue with the Torrance PBF refinery after a power outage has caused five days of ‘unplanned flaring’ there, which is a sign of a breakdown that could disrupt gas supply,” Shupe said. “It remains to be seen whether that will continue to drive pump prices up even if oil prices drop more.”
The average price has risen 17 consecutive days, increasing $1.015, and setting 17 consecutive records, according to figures from the AAA and Oil Price Information Service. It is 65 cents more than one week ago, $1.052 higher than one month ago and $1.956 greater than one year ago.
Gas prices at the Mobile station outside of the Beverly Center in Los Angeles, CA Thursday, March 10, 2022. (Photo by David Crane, Los Angeles Daily News/SCNG)
The Orange County average price rose 1.7 cents to $5.77, its smallest increase since March 1. It has risen 20 consecutive days, increasing $1.014, including 11.3 cents Thursday, and set 20 consecutive records.
The Orange County average price is 63.9 cents more than one week ago, $1.05 higher than one month ago and $1.939 greater than one year ago.
Prices in San Bernardino rose 4 cents in a day to $5.72. In Riverside County the price rose 3.5 cents to $5.69.
The Golden State has the highest fuel prices in the country, partially due to high gas taxes and environmental regulations for repairing bridges and roads and battling climate change. Gov. Gavin Newsom pledged financial relief to try to help people during the rising gas prices, but few details have been released on how much or when state money could go to motorists.
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising — it is the cost of choking off Russia from energy revenue,” said De Haan. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before.”
In the wake of surging prices, AAA has offered some tips to try and save fuel:
— Slow down and go easy on the brake. Speeding wastes fuel, and so does hard braking and acceleration.
— Clear out your trunk. Carrying heavy items reduces fuel mileage.
— Avoid idling, if you can.
— Inflate your tires to the proper air pressure.
–Consolidate trips and drive less. Use the most fuel-efficient car in your household to run errands.
City News Service contributed to this report.