Average San Diego County gas price records first decrease since Nov. 9
A 19-day streak of increases totaling 12.5 cents that boosted the average price to its highest amount since Oct. 12, 2012, ended Monday when it was unchanged, according to figures from the AAA and Oil Price Information Service. The average price rose by one-tenth of a cent six times between Nov. 22 and Sunday.
The average price is six-tenths of a cent more than one week ago, 13.9 cents higher than one month ago and $1.51 greater than one year ago.
“It’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term,” said Andrew Gross, an AAA national public relations manager. “But for now, the upward pricing pressure due to tightened supply and high demand seems to have abated and that will likely result in pump prices stabilizing.”
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.