You are using an older browser version. Please use a supported version for the best MSN experience.

$7 Gas Seen In Beverly Center; Prices Surge 9.5 Cents In LA Co.

Patch logo Patch 3/5/2022 Kat Schuster
Gas prices in Los Angeles and across the Southland are still on the rise, smashing records each day. On Saturday, fuel stations in Los Angeles County were selling gasoline that eclipsed the $7 mark. © Renee Schiavone Gas prices in Los Angeles and across the Southland are still on the rise, smashing records each day. On Saturday, fuel stations in Los Angeles County were selling gasoline that eclipsed the $7 mark.

LOS ANGELES, CA — Gas prices in Los Angeles and across the Southland are still on the rise, smashing records each day. On Saturday, fuel stations in Los Angeles County were selling gasoline that eclipsed the $7 mark.

A gas station near Beverly Center was selling regular gas for $6.65 and was charging more than $7 for premium, NBC4 reported.

How prices changed across the Southland on Saturday:

  • Los Angeles County: The average price of a gallon of self-serve regular gasoline rose 9.5 cents Saturday to $5.247, one day after recording its largest one-day increase since July 14, 2015, 13.8 cents.
  • Orange County: The average price rose 10.3 cents to $5.238, one after its largest increase since July 14, 2015, 14.5 cents.
  • Riverside County: The average price of a gallon of self-serve regular gasoline in Riverside County rose 9.8 cents Saturday to $5.134, one day after recording its largest daily increase since July 14, 2015, 12.4 cents, to surpass $5 for the first time.
  • San Diego County: The average price of a gallon of self-serve regular gasoline in San Diego County rose 11.1 cents Saturday to $5.215, one day after recording its largest daily increase since July 13, 2015, 12.9 cents, to top $5 for the first time.

On Friday morning, Los Angeles drivers were lining up to find the cheapest gasoline they could find. A Sam's Club in Arcadia had attracted its own line, offering $4.29 for regular gas, NBC4 reported.

Statewide, the average price rose 10 cents on Saturday from the previous day up to $5.17. California drivers are paying about $1.23 more per gallon than the national average, according to AAA.


Video: Gas prices soar to record levels in California (ABC News)

The Golden State's already inflated gasoline prices reached unprecedented levels this week amid Russia's invasion of Ukraine, which has roiled energy markets and causing the global price of oil to spike.

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 increases marked the largest price hikes since Hurricane Katrina hit the U.S. Gulf Coast in 2005, devastating the nation's oil and gas industry, according to CNN. Analysts predicted more pain at the pump in days to come.

"This is not the end of it. We're already up another 14 cents on wholesale gas prices [Friday] morning," Tom Kloza, a global petroleum analyst, told CNN Friday. "It's absolutely out of control."

Pump prices have reached record highs as the price of a barrel of Brent crude for May delivery on the Intercontinental Exchange rose Friday to its highest amount since Feb. 13, 2013, $118.11, increasing $7.65.

Its 25.49% increase for the week ($23.99) is the largest on record, based on available data back to Jan. 11, 1991.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.

The City News Service and Patch editor Paige Austin contributed to this report.

AdChoices
AdChoices
AdChoices

More from Patch

image beaconimage beaconimage beacon