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The average price of a gallon of gasoline in Los Angeles County was $6,494 on Wednesday, up five-tenths of an overnight.

La Gas Prices

As gas prices hit record highs in Los Angeles on Wednesday, OPEC+’s pledge to cut oil output by 2 million barrels a day fueled fears of further economic trouble.

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California is facing higher oil prices after several refineries that produced a certain grade of fuel for the state shut down. Prices began to rise in September after months of decline. And unlike the nationwide increase in gas prices during the summer, this latest increase is largely confined to California and the West Coast.

Experts have debated the implications of the OPEC+ move, which is the biggest cut since 2020 and aimed at boosting oil prices.

It’s unclear how the cut will affect prices at the pump, but experts say it poses another threat to the faltering global economy amid heightened fears of a looming recession.

The OPEC+ move comes a month before crucial mid-term elections in the US. President Biden and other Democrats have hoped in recent months that cheaper gas would help voters angry about rising inflation and worried about an economic slowdown.

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In March, Biden announced that the US would release one million barrels of oil per day from strategic reserves for six months in hopes of lowering gas prices.

“When President Biden pulled oil from the Strategic Petroleum Reserve, it hurt OPEC in terms of revenue. Most of that oil went to the refinery,” said Phil Verleger, a Denver-based oil expert who previously served as senior economist at the Council of Economic Advisers. “Now OPEC wants to get some of that money back. But Biden said he would release more from the reserve to counter that.”

Verleger added that California’s record high fuel prices are “not because of oil prices, but because of recycling issues.”

Tom Klose, head of global energy analysis at the Oil Price Information Service, an energy price expert and also an OPEC+ decision, said California drivers shouldn’t be hit hard.

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“I don’t think the primitive OPEC deal will have much of an impact,” Kloza said. “Many of California’s refineries, shut down due to scheduled maintenance and unexpected problems, have restarted and resumed production. You may see another increase in the next few days, but that’s how it should be.”

The average price of regular gasoline in Los Angeles rose to $6,494 on Wednesday, up five-tenths of an overnight, according to the American Automobile Assn.

In Los Angeles, the price of regular gasoline has risen more than 38 cents since a week ago. At this time last year, the average price was $5.28 per gallon.

OPEC+, a coalition of oil-producing countries, announced on Wednesday that it would cut oil production by 2 million barrels per day, raising concerns that the move would hurt the global economy.

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Gas prices hit record highs in California as refinery problems affect supplies. The volatility highlights the weaknesses of the country’s changing energy market.

Ahead of the announcement, Moody’s Investors Service said plans to raise oil prices now may fail and may even backfire.

“In our view, due to higher oil prices and limited opportunities for further growth in economies, the oil price rally is unlikely to last,” Moody’s Senior Vice Presidents Elena Nadtotchi and Madhavi Bokila noted. “Persistence of high oil prices will hinder economic growth and accelerate the shift to alternative energy sources, eventually causing oil prices to fall back into the reinvestment price range.”

Severin Borenstein, director of the Department of Energy at UC Berkeley’s Haas School of Business, said the OPEC+ decision “could add 10 to 15 cents to the price of a gallon of gasoline.”

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“This will depend on the number of refineries that have refined oil and California’s transition to cheaper gasoline in the winter,” he added.

White House security adviser Biden said he was “disappointed in the short-sighted decision.”

The Golden State experienced the steepest increase in gas prices in the U.S. on Wednesday, with a gallon of regular fuel averaging $6.42 on Wednesday and Gov. Gavin Newsom pushing for the state’s switch to cheaper blended gasoline.

“The national average rose for the second straight week as gas prices rose on the West Coast and Great Lakes,” Patrick De Haan, head of oil analysis at GasBuddy, said in a blog post. “However, at the same time, declines continue in the Northeast and Gulf Coast regions as the country experiences stark differences in trends between regions.”

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De Haan said gas prices in West Coast states rose between 35 and 55 cents a gallon last week, but Californians should expect some relief at the pump despite the OPEC+ news.

OPEC+ countries have agreed to lower the group’s production target by 2 million barrels per day in an effort to stem the fall in oil prices.

De Haan called it “very nuanced right now because of the refinery meltdown,” but he predicts gas prices will fall on the West Coast, Great Lakes and other areas where prices are expected to rise, and rise on the East Coast, Southeast, South. , the Persian Gulf and the Northeast due to the OPEC+ decision.

“It seems the worst is over for California. … Gasoline prices are down 45 cents a gallon with price differential narrowing,” he tweeted Wednesday morning. “It will take a few days for stations to start getting cheap fuel, but gas prices are coming down!”

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Tired of seeing traffic jams on your residential street? The city of Los Angeles is about to adopt a new, limited round of speeding laws.

Meanwhile, according to GasBuddy, here’s where you can find the cheapest fuel per gallon of regular gasoline in LA and Orange counties:

Summer Lin is a Los Angeles Times Fast Break Desk reporter. Before joining The Times, he reported breaking news for the Mercury News and national politics and California courts for McClatchy publications, including the Sacramento Bee. Hailing from the East Coast, Lin moved to California after graduating from Boston College and Columbia University with a degree in journalism. In her free time, she enjoys hiking, skiing, and a good Brooklyn bagel.

Ronald D. White is a senior reporter for the Los Angeles Times, whose work includes leadership profiles, manufacturing innovation, retail and business trends. This is an archived article and the information in it may be out of date. Please see the history timestamp to see when it was last updated.

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Gasoline prices in Los Angeles rose an average of eight cents overnight, pushing the average price of a gallon of regular unleaded above $5 in the region for the first time, AAA reported Thursday.

The LA-Long Beach area average is now $5.01 a gallon, a new record and the 25th highest in the last 27 days.

According to the auto club, gas prices in the region are up 19 cents from last week and almost 30 cents from a month ago.

Other areas of Southern California continue to break records, with Orange County and Ventura also averaging close to $5 per 87 gallons. Pump prices also set records Thursday in Riverside, San Bernardino and San Diego.

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California’s average price rose seven cents overnight to $4.94, the highest average in the Golden State’s history.

Motorists across the country are feeling the pinch, but the national average has risen to $3.73 after a seven-cent hike since Wednesday.

The one-day rise was attributed to the turmoil in the oil market, as Russia, one of the world’s largest oil producers, continued to attack Ukraine a week after it began its offensive.

According to some experts, this latest increase may not even reach the peak of the possible drop in fuel prices in the near future, especially as oil prices remain above $100 a barrel.

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According to the Associated Press, it decreased by 2.6%. At the same time, the international standard also fell slightly by 2% to close the day at $110.46.

Additionally, according to the Auto Club, Southern California also experiences a particularly regional problem with local refineries.

“In addition to rising oil prices due to concerns about Russian oil being shipped out of Western markets, Southern California refineries are experiencing some of the supply issues that typically occur in the spring after maintenance,” AAA spokesman Doug Shupe explained in a press release. . .

He added: “The California Energy Commission has reported that the state has gasoline reserves

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