San Diego County gas prices continue to rise ahead of Memorial Day weekend
SAN DIEGO (KUSI) – The average price of a gallon of self-serve regular gasoline in San Diego County moved to within 2.1 cents of the record high Tuesday, increasing 3.9 cents to $5.997.
The average price has risen 14 of the past 15 days, increasing 21.8 cents, including nine-tenths of a cent Monday, according to figures from the AAA and Oil Price Information Service. It is 14.9 cents more than one week ago, 22.9 cents higher than one month ago and $1.843 greater than one year ago.
The record high is $6.018 set March 29.
The national average price rose 4 cents to $4.523, erasing the previous record set Monday.
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 rose for the third time in four sessions, increasing $2.69 to settle at $114.24.
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.
Anlleyn Venegas, Auto Club Senior Public Affairs Specialist from the Auto Club of Southern California joined KUSI’s Ginger Jeffries on “Good Evening San Diego” to discuss the sharp increase in gas prices.