The average price of a gallon of self-serve regular gasoline in San Diego County rose Wednesday to a record for the fifth consecutive day, increasing 3.3 cents to $6.114, its sixth consecutive increase.
The average price has risen 9.6 cents over the past six days, including six-tenths of a cent Tuesday, according to figures from the AAA and the Oil Price Information Service. It is 9.4 cents higher than one week ago, 33.4 cents more than one month ago and $1.926 greater than one year ago.
The average price has risen $1.358 since Russia's invasion of Ukraine on Feb. 24 "sent shock waves through the oil market that have kept oil costs elevated," said Andrew Gross, an AAA national public relations manager.
The price of a barrel of front month crude on ICE Futures Europe dropped $2 Tuesday to settle at $115.60, one day after increasing $2.04 to settle at $117.60, its highest amount since March 23.
Analysts attributed Monday's increase to anticipated increased demand following the weekend comments by Shanghai Vice Mayor Wu Qing that coronavirus- related restrictions would be reduced this week and the expectation of a reduction in supply stemming from the pledge by European Union leaders to impose an oil embargo on Russia.
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 4.9 cents to a record $4.671. The national average has set records 20 of the past 23 days.
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