Gasoline prices hit new record heights this week and more increases are expected in the coming week due to a two-day spike in the local wholesale gas market, according to the Weekend Gas Watch from the Automobile Club of Southern California.

The average price of self-serve regular gasoline in the Los Angeles Long Beach area is $3.337, which is 14 cents higher than last week, 51 cents higher than last month and 75 cents higher than last year. The average price of diesel gasoline reached $ 3.057, still below the record high of $3.46 reached on Oct. 5. The Auto Club survey monitors the average price of gasoline each Friday.

“Motorists should brace for more increases at retail pumps due to a run-up in wholesale gas prices on Monday and Tuesday,” said Auto Club spokesperson Carol Thorp, noting that wholesale prices jumped 37 cents in those two days alone.

However, wholesale prices have started coming down, Thorp noted, and in the past week demand for gas has leveled out while domestic production is up more than two million barrels. Over the next couple of weeks, more gasoline is expected to enter the nation’s supply and all of these factors should eventually put downward pressure on prices, she said.

In the Inland Empire, the average price is $3.372, up 14.7 cents from last week, 53 cents above last month and 77 cents higher than last year. In San Diego, the price is $3.364 , 15.1 cents above last week’s price, 55 cents above last month and 78 cents above last year. On the Central Coast, the average price is $3.418, up 14.6 cents from last week, 50 cents above than last month and 71 cents higher than last year.