20 June 2024

Southern California drivers are once again facing the burden of high gas prices, with the average cost of a regular gallon of gas in the Los Angeles area reaching $5.92, a 5-cent increase from the previous day and a 40-cent spike in just one week. In contrast, the national average is $3.88 per gallon.

While relief may be on the horizon as fall approaches, the primary factor driving these high prices is the surging cost of oil, which hovers around $90 per barrel. According to AAA, lower demand due to schools being in session, shorter days, and less pleasant weather is typical for this time of year but is being offset by the high oil costs.

Though prices are high, they have not yet reached the record highs of $6.49 per gallon experienced in Southern California a year ago. As drivers grapple with these elevated costs, they can remain cautiously optimistic about the potential for prices to gradually decrease in the coming months, depending on the dynamics of the oil market and the overall economic landscape.