Records continue to fall at gas pumps across Southern California, and that trend is expected to continue as long as crude prices climb, the AAA said Tuesday.
Rising gas prices come as President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine.
“We will not be part of subsidizing Putin’s war,” Biden declared, calling the new action a “powerful blow” against Russia’s ability to fund the ongoing offensive.
The U.S. imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia.
Curbs on Russian oil exports will likely send already soaring oil and gasoline prices higher in both the U.S. and Europe and further squeeze consumers, businesses, financial markets and the global economy.
Energy analysts warn that crude oil prices could go as high to $160 or even $200 a barrel due to oil sanctions imposed by the West or if buyers continue shunning Russian crude.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 8.9 cents to $5.518 today, its 30th record in 32 days.
The average price rose 12.8 cents Sunday, its second-largest increase since July 14, 2015, according to figures from the AAA and Oil Price Information Service.
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The Los Angeles County average price has risen 34 times in 37 days, increasing 84.9 cents. It is 62 cents more than one week ago, 77.3 cents higher than one month ago and $1.705 greater than one year ago.
The Orange County average price rose 8.8 cents to $5.514, its 29th record in 34 days. The county’s average price has increased 24 of the past 26 days, rising 79.2 cents. That price is now 64.4 cents more than one week ago, 78.9 cents higher than one month ago and $1.708 greater than one year ago.
The average price in San Bernardino rose to $5.43 and in Riverside County, it climbed 10.1 cents to $5.405 — its 19th record high in the past 20 days.
Although some analysts expect the extreme prices to be short-lived, record-high prices can have an outsized influence on how Americans perceive the U.S. economy. And inflation, which has been rising at its fastest pace in 40 years, had been a concern for many before the Russian invasion.
City News Services, The Associated Press and The New York Times contributed to this report.