Average San Diego County gas price records largest weekly increase since March
SAN DIEGO (KUSI) – The average price of a gallon of self-serve regular gasoline in San Diego County rose Friday for the 14th consecutive day and 19th time in 20 days, spurring the largest week-to-week increase since March.
The average price rose six-tenths of a cent to $4.491, 8.3 cents more than one week ago, according to figures from the AAA and Oil Price Information Service. It has increased 13.5 cents over the past 20 days, including 1.1 cents on Thursday, to its highest amount since Oct. 19, 2012.
The average price rose five consecutive days, was unchanged Oct. 8 and resumed increasing Oct. 9. It is 14.3 cents higher than one month ago and $1.315 greater than one year ago.
“This is the biggest week-over-week price jump since March and there is not one obvious reason for it other than oil prices reaching multi-year highs, which has also affected pump prices around the U.S.,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
A five-day streak of increases that had pushed the price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange to its highest settlement price since Oct. 13, 2014 ended Thursday with a decrease of 92 cents to $82.50, its third-highest settlement value of the year.
The crude oil price has increased 130.51% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
According to a study from Stillwater Associates, Californians pay about $1.20 in taxes and fees per gallon of gasoline.
Californians pay the most in gas taxes in fees out of any state in the entire country.