Average San Diego County gasoline price reaches highest point since 2008

SAN DIEGO (CNS) – The average price of a gallon of self-serve regular
gasoline in San Diego County rose today for the 34th consecutive day,
increasing 1.8 cents overnight to $4.334 — the highest amount since July 24,
2008.

The average price is 24.7 cents more than one week ago, 58.1 cents
higher than a month ago and 56.1 cents greater than a year ago, according to
figures from the AAA and Oil Price Information Service.

Analysts have credited rising oil prices to fears of shortages because
of elevated tensions in the Middle East over Iran's nuclear program and
speculation by investors, along with reduced supply due to the closure of some
California refineries for maintenance and a major fire at the Cherry Point
refinery near Blaine, Wash., that will cause its closure for at least three
weeks.

Crude oil costs account for two-thirds to three-quarters of the price of
a gallon of gasoline, according to Tupper Hull of the Western States
Petroleum Association, a trade association representing oil companies in six
western states.

Categories: KUSI