Where To Get Gas In Newport Beach As Prices Reach Record High

NEWPORT BEACH, CA — The average price for a gallon of gasoline in Orange County jumped by 14.5 cents to about $5.135, rising by 41.3 cents in the last 22 days.

Gas prices in Orange County rose to more than $5 for the first time Friday, setting a new record in the area. Prices have steadily risen for 20 out of the last 22 days.

Near Newport Beach, the cheapest place to fill up on gas was the Arco station at 2100 SE Bristol St. The price for a gallon of gas at the station was $4.69 in cash, according to Gas Buddy.

The average price of a gallon of regular gasoline rose in Los Angeles County by 13.8 cents Friday to $5.152 a gallon.

The gas increases are the largest Orange and Los Angeles counties have experienced since July 14, 2015, according to AAA.

Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.

The end of the price spike is "largely dependent on world events and oil prices, as well as California's gasoline supply issues which often tend to occur in the spring months," Marie Montgomery, a public relations specialist with the Automobile Club of Southern California, said.

City News Service contributed to this report.