The average price of a gallon of regular gas in San Diego is now more than $5

SAN DIEGO (KUSI) – The average price of a gallon of self-serve regular gasoline in San Diego County rose 5.6 cents Monday, to $5.383 — its 18th record high in the past 20 days.

On Good Morning San Diego, KUSI’s Elizabeth Alvarez was out at the Costco Gas station in Mission Valley where the prices are relatively lower than the rest of San Diego County.

The average price rose 11.1 cents Saturday and recorded its second- largest increase since July 14, 2015, rising 11.2 cents on Sunday, according to figures from the AAA and Oil Price Information Service.

The average price has risen 32 of the past 35 days, increasing 75.9 cents. It is 53.6 cents more than one week ago, 70.4 cents higher than one month ago and $1.592 greater than one year ago.

Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.

The price spike “is not exactly surprising — it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy,  which provides real-time gas price information from more than 150,000 stations.

At the White House press briefing Monday, Jen Psaki was asked to respond to comments from Americans who are angered by the huge rise in gas prices. Psaki said they have taken steps to mitigate the impact they have on Americans.

RELATED STORY: Supervisor Jim Desmond: Suspend California’s Gas Tax for One Year

On Good Morning San Diego, KUSI’s Paul Rudy talked with Sully, On The Air Cohost, about what is impacting the rising gas prices.

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