As the price of crude oil continues to rise in world markets, gas prices in Southern California continue to rise.
In Los Angeles County, the price rose seven-tenths of a cent on Monday to a record high of $5,988, the 27th straight increase, setting a daily record.
The average price rose $1.201 during the streak, including 1.5 cents on Sunday, according to figures from the AAA and the Oil Price Information Service. That’s 16.1 cents more than a week ago, $1.20 more than a month ago, and $2,062 more than a year ago.
Orange County’s average price rose two-tenths of a cent to a record high of $5,947, the 30th consecutive increase. It rose $1.187 during the streak, including 2.3 cents on Sunday.
The Orange County average price is 14.8 cents higher than a week ago, $1,183 higher than a month ago and $2,041 higher than a year ago.
In Riverside County, prices rose for the 28th straight day, rising 1 cent to a record high of $5.868 a day after rising 1.9 cent.
The average price rose $1.163 during the streak, setting a daily record, according to figures from the AAA and the Oil Price Information Service. That’s 13.6 cents more than a week ago, $1.163 more than a month ago and $1.998 more than a year ago.
The streak is the longest since a 55-day streak from January 26 to March 21, 2021, totaling 54 cents.
In San Bernardino County, the price rose a penny to $5.883, a new all-time high.
Oil rose for a third day on Monday as the war in Ukraine neared the one-month mark with no conclusion in sight.
Futures in New York rose 6.5%, trading near $111 a barrel. Several European Union countries are pushing for a fifth round of sanctions against Russia, although some remain opposed to including oil in those measures. The Kremlin said an EU ban on oil imports from Russia would have a profound effect on the global crude market and hit the continent the hardest.
In previous weeks, the EU sanctioning Russian oil “seemed unrealistic given their dependence on Russian energy supplies,” said Rohan Reddy, research analyst at Global X Management, a company that manages $2 billion in assets. energy-related assets. “That would essentially cut 4-5% of the world’s oil supply.”
The global oil market has been thrown into turmoil by Russia’s invasion of Ukraine, the United States and Europe imposing sanctions on Moscow and crude buyers avoiding shipments from the country. Brent neared $140 a barrel earlier this month to hit its highest level since 2008, before experiencing a massive pullback that briefly put the market in bearish territory. Prices have seen unprecedented volatility, with frequent intraday swings around $10 and broader commodity markets seizing up amid a widespread liquidity crunch.
Rising oil prices have prompted importing countries to pressure other producers to increase supply, including members of the Organization of the Petroleum Exporting Countries. Over the weekend, Japan urged the United Arab Emirates to increase its exports. Meanwhile, oil giant Saudi Aramco plans to increase spending as it seeks to boost production.
City News and Bloomberg contributed to this report.