Gas Prices Highest in Nearly Four Years

The Orange County average price of gas rose three-tenths of a cent to $4.362, one day after a 27-day streak of increases ended when the price was unchanged.

The Orange County average price is 5.6 cents more than one week ago, 57 cents higher than a month ago and 51.8 cents greater than a year ago.

Gas in the region has reached is its highest amount since July 25, 2008, according to figures from the AAA and Oil Price Information Service.

Analysts have credited the increasing prices to rising oil prices which stem from fears of shortages because of elevated tensions in the Middle East over Iran's nuclear program and speculation by investors, along with the closure of some California refineries for maintenance and a major fire at the Cherry Point refinery near Blaine, Wash., that will cause its closure for at least three weeks, both reducing the supply.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

Locally, the cheapest gas can be found at the 76 station at 5100 Katella Avenue: $4.36 per gallon.

-City News Service