The average price of regular self-serve gasoline has risen at least 10 cents for three consecutive days, now averaging a record high of $5.75.
This is an increase from yesterday by 1.3 cents, the smallest recorded increase since Feb. 28, according to figures from the AAA and Oil Price Information Service.
It has risen 18 consecutive days, increasing $1.00, setting records each day.
The average price is 53 cents more than one week ago, $1.04 higher than one month ago, and $1.89 greater than one year ago.
According to the Automobile Club of Southern California's corporate communications and programs manager Douge Shupe, the smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and "encourage other OPEC members to do the same”.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.
The price of a barrel of Brent crude on the Intercontinental rose to $127.98 on Tuesday, its highest amount since July 2008. It dropped $16.84 on Wednesday to $111.14 marking its biggest decline in a day since April 2020.
On Thursday, the price dropped even further to $109.33, but it rose to $112.67 on Friday.
According to the U.S Energy Information Administration, crude oil costs account for slightly more than half of the pump price. The price depends on other components of gasoline such as production costs, distribution costs, overhead costs for all involved in the production, distribution, sales, taxes, and carbon offset fees in California paid by the refineries.
