The average price of gas has risen 24.3 cents over the past 11 days
SAN DIEGO (KUSI) – The average price of a gallon of self-serve regular gasoline in San Diego County Monday set a record for the 10th consecutive day, rising 1.1 cents to $6.261, extending its streak of increases to 11 consecutive days.
KUSI’s Ed Lenderman was out in Clairmont with more on the high gas prices.
The average price has risen 24.3 cents over the past 11 days, including 2.1 cents Sunday, according to figures from the AAA and the Oil Price Information Service. It is 18.6 cents higher than one week ago, 44.1 cents more than one month ago and $2.049 greater than one year ago.
The average price has risen $1.505 since 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.
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.
The national average price rose 1.7 cents to a record $4.865.
“Supply and demand dynamics have contributed to rising pump prices,” Gross said. “Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.”