Average San Diego County gas price rises to fourth record in six days
SAN DIEGO (CNS) – The average price of a gallon of self-serve regular gasoline in San Diego County rose Tuesday to its fourth record in six days, increasing three-tenths of a cent to $6.028.
The average price is 3.1 cents more than one week ago, 28.6 cents higher than one month ago and $1.868 greater than one year ago, according to figures from the AAA and Oil Price Information Service.
The national average price rose two-tenths of a cent to $4.598, its 13th record in 15 days.
Russia’s invasion of Ukraine Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager.
The price of a barrel of front month crude on ICE Futures Europe settled at $113.42 Monday. It has increased $16.58 since the invasion, a 17.1% increase. The average price of a gallon of self-serve regular gasoline in San Diego County has increased $1.272 since the invasion, a 26.7% increase.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.