San Diego gas prices near record high set in March

SAN DIEGO (KUSI) – The average price of a gallon of self-serve regular gasoline in San Diego County rose to within one-tenth of a cent of its record Wednesday, increasing 2 cents to $6.017.

The average price has risen 15 of the past 16 days, increasing 23.8 cents, including 3.9 cents Tuesday, according to figures from the AAA and Oil Price Information Service. It is 16.5 cents more than one week ago, 25.1 cents higher than one month ago and $1.863 greater than one year ago.

The record high is $6.018 set March 29.

The national average price rose 4.4 cents to $4.567, erasing the previous record set Tuesday.

The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe fell $2.31 Tuesday to settle at $111.93 after hitting its highest intraday price since March 28.

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.

As we near record breaking prices again, we don’t know what the future may hold.

KUSI’s Lauren Phinney talked with Patrcick De Haan, Head of Petroleum Analysis  of GasBuddy about gas prices.

Categories: Good Morning San Diego, Local San Diego News