The average price of a gallon of regular gasoline in California is now a whopping $5.28, up from $3.73 at the same time a year ago, according to the latest data from the American Automobile Assn. .
In Los Angeles County, the average price for regular gasoline is $5.37 a gallon, down from $4.67 a month ago and $3.79 a year ago, according to AAA. The national average is $4 per gallon.
Experts say that Russia’s war against Ukraine and increased demand, along with a reduction in total supply, are contributing to the increase in prices, which are likely to continue to rise as crude oil prices continue to rise.
Even before Russia, one of the world’s top producers of oil and other crudes, invaded Ukraine and unleashed Europe’s biggest land war in more than 75 years, gas prices had soared in reaction to supply chain problems. supply and inflation.
Eric Swanson, an economics professor at the University of California, Irvine, said low-income residents will bear the brunt of rising gas and housing costs. Over time, he said, it will also raise prices for transported goods.
In many places in the south of the country, it has already happened.
Carlos Perez, owner of CP Towing Service in El Monte, said rising gas prices recently forced him to increase his rates for various services, including a simple tire change and the transport of damaged vehicles.
“That’s business,” he said. “Everything is going up.”
Perez, 55, who runs the company on his own and often works 14-hour shifts, usually covers Los Angeles and Orange counties but sometimes makes trailers farther afield, he said, including one that was 700 miles from distance.
To cover that kind of mileage, he fills up his 2016 Peterbilt flatbed almost every day, shelling out $200 each time, up from $160 last year, he said.
It has been a challenge, but Pérez is encouraged by his loyal customers and positive reviews.
“Gasoline is high, but what can be done?” he said. “I’m glad the work hasn’t stopped.”
Times staff writers Kenan Draughorne, Andrew J. Campa, and Marisa Gerber contributed to this report.
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https://www.latimes.com/california/story/2022-03-06/california-gas-prices-soar-to-record-highs