Lake Forest May See Spike In Local Gas Prices

Lake Forest CA

31 August, 2021

2:00 PM

Description

LAKE FOREST, CA — The Orange County average price of a gallon of self-serve regular gasoline was unchanged Tuesday, remaining at $4.367, ending a three-day streak of slight decreases, including two-tenths of a cent Monday. It is 1.7 cents more than one week ago, 2.4 cents higher than one month ago and $1.16 greater than one year ago. The Orange County average price has risen $1.15 since the start of the year. In Lake Forest, the cheapest gas was on Portola Parkway at $4.25 a gallon, according to www.GasBuddy.com. There may be "a short-term spike in gas prices locally because oil production closures around New Orleans has increased the benchmark price of oil," Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager, told City News Service. Spring said he expects the local impact of higher oil prices caused by Hurricane Ida will be short-lived as long as the damage to those refineries is minimal. Oil from the Gulf of Mexico region is not used in the production of gasoline sold in Southern California. The price of a barrel of West Texas intermediate crude closed at $69.21 Monday on the New York Mercantile Exchange, up 47 cents. It closed at $65.46 on Aug. 18. City News Service, Patch Editor Miranda Ceja contributed to this report.