The average price of a gallon of self-serve regular gasoline in Los Angeles County decreased one-tenth of a percent today to $6.069, breaking a streak of 32 consecutive increases that pushed it to record highs.
Friday's missile attack on an oil distribution facility in Saudi Arabia caused another set of increases to the price of a barrel of Brent crude on ICE Futures Europe, which could mean further increases to pump prices.
The price gained $12.72 per barrel this week, settling at $120.65 on Friday, $7.33 less than its 52-week high of $127.98 on March 8. Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
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