Jun 13, 2008 6:33 am US/Pacific
AAA: Gas Exceeds $4.50 A Gallon In The Southland
LOS ANGELES
According to the Automobile Club of Southern California, the average price of a gallon of self-serve regular gasoline has exceeded the $4.50 mark in Los Angeles and Orange counties this week, driven mainly by gasoline futures investors.
The L.A. County average is now at $4.543 -- 20.4 cents more than last week, 64 cents more than last month and $1.26 more than in 2007.
In Orange County, gas prices are averaging $4.532 -- 21.7 cents more than last week, 65.9 cents more than last month and $1.298 more than in 2007.
This is the 10th time in the past 11 weeks that the average cost of self-serve regular unleaded hit a record high in Southern California, and the second consecutive week that the cost increased by more than 20 cents per gallon.
"California is the only state in the U.S. right now that is experiencing this painful level of price increases, and oil industry analysts say it is almost totally driven by fund manager investment in California wholesale gasoline futures," Auto Club spokesman Jeffrey Spring said.
"Southern California gas prices are nearly 40 percent higher than they were at this time last year and 93 percent higher than at this time in 2005."
The Los Angeles County average increased 22.7 cents from May 30-June 6; 15.3 cents from May 23-30; 4.5 cents from May 16-23 and 1.8 cents from May 9-16.
The Orange County average increased 22.3 cents from May 30-June 6; 15.1 cents from May 23-30; 5.5 cents from May 16-23 and 1.3 cents from May 9-16.
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