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Los Angeles gas prices drop for 15th consecutive day following 'unprecedented rise'

Los Angeles Times

Gas prices in the Los Angeles Metropolitan area on Tuesday dropped for the 15th consecutive day, with an average gallon of regular gasoline decreasing 1.3 cents to $5.849, according to figures from the American Automobile Assn. That number was down from $5.96 just one week ago and $6.07 on March 28 -- the highest average price ever recorded in the area. But it was still far costlier than the price on this day last year: $3.979. California in March saw an "unprecedented rise in gas prices even compared to the rest of the country," said AAA spokeswoman Marie Montgomery, noting that the Golden State was the only one in recent weeks to see prices in several metro areas above $6 a gallon. "Our market got very, very heated. Prices are also inching down statewide and across the nation, with the average American paying $4.098 for a regular gallon, down from $4.176 a week ago, according to AAA. Experts say the slow reversal of prices at the pump is largely linked to the lowering cost of crude oil, from which gasoline is made. Those costs began shifting after several countries, including the U.S., announced plans to release barrels of crude oil from their emergency reserves in an effort to relieve soaring prices connected to the Russian invasion of Ukraine. President Biden at the end of March ordered the release of 1 million barrels of oil per day for six months. Biden's order to release of 1 million barrels of oil a day from U.S. reserve is a bid to control prices that have spiked after sanctions on Russia. UC Berkeley energy economist Severin Borenstein said it takes some time for those releases to pass down to the retail level, "but we are seeing it slowly." "Basically we are dumping a million barrels a day into the world crude market, which is 100 million barrels a day," Borenstein said. "That doesn't sound like it would do it a lot, but it actually can do a bit -- particularly combined with releases from other strategic petroleum reserves around the country.

Los Angeles average gas price leads the nation at a record-breaking $6.08

Los Angeles Times

On Wednesday the average cost for a gallon of regular gas in Los Angeles reached $6.08, leaping 2.3 cents overnight and breaking a record set earlier this year, according to the latest data from AAA. Los Angeles is not alone in its pain as the cost of gas spikes across the nation. And according to analysts, the switch to a more expensive summer blend for other parts of the country promises the hurt will not stop anytime soon. The average cost for regular gas is more than $4 for nearly every state. According to AAA, the national average is $4.56, but California leads the nation with an average of $6.05.

Why California gas prices are so high and vary so widely: 'Mystery surcharge' and more

Los Angeles Times

You're filling up your Toyota Camry at a gas station in Los Angeles County -- home to six oil refineries that pump out more than a million barrels a day, nearly 60% of the refinery capacity in California. With so much oil so close to home, you might think gasoline would be pretty cheap. With the average cost of gas in the county a wallet-busting $5.87 a gallon almost three weeks after Russia invaded Ukraine, a full tank would set you back $92.74. That same tank of gas in tiny Yuba County -- about 60 miles north of Sacramento, with no refineries and just 82,000 people -- would cost on average nearly $6 less. Differences are more stark between California and other states and can even vary wildly from block to block.

Pain at the pump: California gas prices are sky high, with one town charging almost $8 a gallon

Los Angeles Times

California, like the rest of the nation, is paying more at the pump. Prices are so high -- and consumers are so perplexed -- that a Google search of "Why are gas prices going up?" has spiked this month. Likewise, people are pleading: "When are gas prices going down?" which has also been trending on Google. The average price for a gallon of regular unleaded gasoline is $4.54 in California, which is about $1.16 higher than the national average, according to data from AAA. But one bold station along the Big Sur coast was charging $7.59 a gallon for regular unleaded this week and nearly $8.50 for premium.

Ukraine crisis could send California gas prices even higher

Los Angeles Times

That was Monica Simion's reaction to the price of gasoline Tuesday morning at an Arco station in Monrovia, where a gallon of premium sold for $4.89. Total cost to fill up her SUV: $60. Simion said she had been trying to coordinate carpools to cut down on driving, but that helped only so much. We have to take our kids to school." "It's not enough that we have a pandemic, but now we have these crazy gas prices," she added. Gas prices are higher than ever, and with tensions on the rise between Ukraine and Russia, there doesn't appear to be an end in sight. The average price paid for a gallon of regular gas across California hit a record high of $4.742 on Tuesday, according to the American Automobile Assn. That figure is the highest in the country and more than $1 higher than the national average, which currently sits at $3.531 a gallon. For context, Tuesday's $4.742 is 3 cents higher than last week's average and 10 cents higher than last month's average. A year ago, gas prices hovered ...