gas prices

Average San Diego County Gas Price Records Largest Decrease Since April 26

NBC 5 News

The average price of a gallon of self-serve regular gasoline in San Diego County recorded its largest decrease since April 26 Wednesday, dropping eight-tenths of a cent to $6.02 following a run of 19 increases in 22 days totaling 24.9 cents.

The average price rose to records four of the previous six days, including Tuesday when it increased three-tenths of a cent to $6.028, according to figures from the AAA and Oil Price Information Service. It is three-tenths of a cent more than one week ago, 27.5 cents higher than one month ago, and $1.856 greater than one year ago.

The average price has risen by $1.264 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 settled at $113.56 Tuesday, a 14-cent increase from Monday. It has increased $16.72 since the invasion, a 17.3% increase.

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 the production, distribution, and sales, taxes and carbon offset fees in California paid by the refineries.

Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.

The national average price rose one-tenth of a cent to $4.599, its 14th record in 16 days.

Copyright CNS - City News Service
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